Westpac Private Bank enhanced its digital offering during the review period, boosting the share of digitally active private wealth clients to 99% of the total – and sharply improving its net promoter score.
In 2024, a new partnership between Westpac and various vendor groups resulted in the log-in process for clients being simplified, while ensuring secure client information management.
New security features were also added, including one-time mobile codes for online transactions and dynamic CVC numbers for digital credit cards, which generate a new security code every 24 hours.
These measures led to a fall of around a third in losses from scams in the first half of 2024, saving clients more than A$120 million ($76.7 million) in potential losses.
Clients receive tailored in-app alerts to educate them on new features based on their banking profiles and behaviour. Data analytic intelligence is used to send messages to bankers on a centralised dashboard, along with conversation guides and timeframes.
Alerts were also introduced to notify private bankers in situations where clients hold mortgages at other banks or credit unions, in instances where term deposits are about to mature or when high-interest accounts are rolling off their term.