Westpac Banking Strategy

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Transforming the Bank to place customers at the centre of everything we do Jason Millett General Manager, P&O Strategy & Execution Westpac Banking Corporation May 2010

24 May 2010

Addressing customer needs is about ‘getting the basics right’

Typical Customer Service Needs
• Reliable delivery of products and services • Consistent experience across channels and platforms • Easy and simple to do business with • Single and insightful view of information • Flexible and responsive to requests

Transforming banks to be customer centric
24 May 2010

Jason Millett – Westpac Banking Corporation

Westpac’s ‘customer centric’ strategy focuses on directly fulfilling customer needs

Westpac’s Customer Oriented Strategy
Vision To be the leading financial services company in Australia and New Zealand

Assessed by

Most recommended financial services company

Meet most customer needs

Most skilled and engaged people

Global leader in sustainability

Highest returns in sector

Operating as ‘One Team’

Driving Principles

Focus on core markets

Strong local businesses

Easy to do business with

Shared values

Source: WBC Group Update Dec 2009

Transforming banks to be customer centric
24 May 2010

Jason Millett – Westpac Banking Corporation

Westpac’s strategy is delivered by four complimentary initiatives Customers at the centre Strong local businesses More choices for customers Sustained gains

1

2

3

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• Westpac Local: The Bank Manager is back • St. George: Greater regional focus while increasing distribution presence and reach

• Shift decision making and focus to front line • Increased training, coaching and mentoring • Pervasive cultural change, fundamentally improving customer focus

• St. George: Australia’s leading regional bank ‘Big enough; Small enough’ • Westpac Brand: Strong, safe, local, responsible • Leading ‘Institutional’ brand

• Continue to deliver on merger synergies • Build sales force productivity • Process redesign and simplification

Source: WBC Investor Discussion Pack Nov 2009

Transforming banks to be customer centric
24 May 2010

Jason Millett – Westpac Banking Corporation

Becoming ‘customer centric’ requires a significant shift of mindset Traditional banks Customer satisfaction The Westpac Group Customer advocacy

Product oriented

Distribution oriented One team
(accountable, collaborative, aligned, integrated)

Siloed business units Predominantly 1 brand Bank centric

Multi-brand Integrated financial services

Transforming banks to be customer centric
24 May 2010

Jason Millett – Westpac Banking Corporation

There are several key target capabilities implied by a ‘customer centric’ focus •Proactive lead generation tools •Single view of the customer •Integrated multi-channel origination & servicing

Distribution (Sales & Service) Product
•Straight through processing •Automated workflow, decisioning and document management

Operations Customer Information Infrastructure

•Flexible and modular systems •Customer based product solutions •Dynamic pricing capability

•Single source of truth for customer data •Digitised documents

•Reliable and robust systems •Secure perimeter •Effective email & collaboration platforms

Transforming banks to be customer centric
24 May 2010

Jason Millett – Westpac Banking Corporation

There are six key considerations to enable a ‘customer centric’ organisation 1
Design requirements from the customer’s perspective (CCD)

2

Develop a clear technology strategy aligned to the business strategy

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Ensure reliable and robust technology services are provided

4 5 6

Streamline customer fulfilment processes to be easy to do business with

Manage performance by measurable metrics

Systematically identify, prioritise and implement opportunities to ‘delight’

Transforming banks to be customer centric
24 May 2010

Jason Millett – Westpac Banking Corporation...
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