Westpac reports that it performed well throughout 2021 as the company continued to simplify its business and fix open issues such as IT complexity.
Red and white banks closed fiscal year 2021 with net income of A $ 5.46 billion, up 138% from last year, but revenues of A $ 21 billion, up 5% year-on-year.
“Despite another difficult time, cash income has increased, our balance sheet remains strong and we are pleased with the progress we have made in making Westpack a simpler and more powerful bank,” said Westpack. Boss Peter King told shareholders on Monday.
With total costs of just over A $ 13 billion, King said, reflecting more resources devoted to fixing issues, including IT network and domain integration, digitizing customer processes, and reducing third-party spending. It is said that it is doing.
“We continue to focus on digital this year and have released a new Westpac mobile banking app for iPhone customers with 1.7 million users,” King said.
“For mortgages, we have further digitized the process and introduced more than 70 policy and process improvements, which has reduced approval time. The digital mortgage composition platform peaks with 810 applications per week. And started rolling out this platform to mortgage brokers.
“We have also implemented over 100 policy and process improvements in our business lending, strengthening automated credit decisions and accelerating customer decision making.”
Throughout September 30, 2021, Westpac had 5.24 million digital active customers, up 3% year-on-year, while digital transactions increased 14% from 277 million to 316 million. Did.
King also added that banks continue to strengthen financial criminal practices by restructuring processes and systems, and did Westpack pay more than A $ 1 billion to about one million customers as part of customer rehabilitation? He pointed out that he provided it. To date, Westpack has paid over A $ 1.5 billion in repairs.
“We will take a year to complete the Customer Outcomes and Risk Excellence (CORE) program, which consists of over 300 activities to strengthen risk governance, accountability, and culture throughout the organization,” he said. ..
Westpac reported that it was able to block approximately 24,000 transactions as part of its environmental, social and governance strategy updates in September. Considered abusive payment ..
The bank also said that 19,000 customers will need to change the language used in transaction descriptions before accepting and processing payments. It also issued over 800 warning letters and account suspensions and reported over 70 customers to authorities for fraudulent payments.
For 2010, Westpac hopes to reduce its cost base to A $ 8 billion as a result of completing the program under Fix priority and realizing profits from the sale.“By streamlining the lending process to improve the customer experience, we have made significant strides in improving mortgage and business banking performance, which will help us maintain momentum over the next year.” Told.“We also promise to solve many open regulatory issues for which our actions have not been sufficient.“We are strengthening risk management, expanding our core franchise and simplifying our banks, which provides a powerful platform for better service to our customers […]