The red and white bank continued to digitise more services, such as its mortgage platform, implement policy improvements, and strengthen its financial crime practices.
Westpac has reported that the company performed strongly for the 2021 full year as it continued to simplify its business and fix outstanding issues, such as IT complexity. The red and white bank closed the 2021 financial year with net profit of AU$5.46 billion, a 138% increase over last year, while revenue came in 5% higher year-on-year to AU$21 billion. „Despite another challenging period, cash earnings rose, the balance sheet remains strong, and I am pleased with our progress on making Westpac a simpler, stronger bank,“ Westpac boss Peter King told shareholders on Monday. Total expenses came in at just over AU$13 billion, which King said was reflective of the bank directing more resources to fixing issues, including IT network and domain consolidation, customer process digitisation, and reducing third-party spend. „We continued our focus on digital this year, launching a new Westpac mobile banking app to iPhone customers, with 1.7 million users,“ King said. „In mortgages, we have further digitised processes and introduced more than 70 policy and process improvements, which contributed to faster approval times.
