Westpac consumers will be able to track and categorise their expenses, monitor their monthly income, and receive personalised insights to help them make better financial decisions on it’s banking app
Chris de Bruin, Westpac’s chief executive of consumer and business banking, says new personal finance management tools on the bank’s app will give customers more control over their money, as cost of living pressures increase and squeeze households.
de Bruin was appointed chief executive of Consumer & Business Banking at Westpac in February 2021 after spending 13 years at Standard Chartered Bank
Customers will need to upgrade to version 10.9.0 of the Westpac App to benefit from new personal finance insights, budgeting features, and the ability to track and categorise expenses.
According to a Westpac study surveying 2,000 people more than three quarters of Australians believe digital banking can help them keep a better track of their money.
Westpac Wire interviewed de Bruin to get his perspective on customer demands. “Our customers are seeking not only simple, secure, and fast transactions, but also information that assists them in managing their lives,” he said.
Personal finance features on the application incorporate capabilities from MoneyBrilliant, a business acquired by Westpac earlier this year and is a part of the banks broader digital strategy unveiled in its July market update.
In addition to giving customers the ability to see information across all their accounts, even those held with other institutions, the app will also soon offer a carbon footprint tracker to help people make greener spending choices.
“The bank’s priority is to keep customers’ information secure and dynamic CVC has been added as a safety feature, allowing customers to put a temporary block on their card if they notice unusual activity.” says de Bruin
de Bruin’s subsequent objective is to expand the digital mortgage to a wider range of consumers. In the long run, he wants to create a bank that provides every service digitally, allowing the consumer to undertake transactions online independently