Westpac Banking Strategy
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
4
• 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
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
4
• 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