Westpac makes it easier to manage your finances
27 July 2022
Westpac has today announced it will soon introduce new tools in the Westpac app to give customers greater visibility and control over their personal budget and spending.
Following the acquisition of MoneyBrilliant in 2021, a range of features will be added to the app including new budgeting tools, the ability to track and categorise expenses and view accounts in one place, including from other financial institutions.
"Our customers have told us they want their banking to be fast, secure, and simple to use. These enhancements to the Westpac app will give customers better tools to help them manage their budgets," said Westpac Consumer & Business Banking, Chief Executive, Chris de Bruin.
"When customers sign into the app, they'll be able to check the balance on their Westpac savings account, home loan and credit cards, as well as accounts from other financial institutions, providing a more comprehensive view of their finances.
"The improvements form part of Westpac’s ongoing investment in building a digital first bank, transforming the products and services we offer customers so they can bank anywhere, anytime," Mr de Bruin said.
The changes include:
- Spend tracker: Customers can decide how to organise their expenses into categories in the way that best suits their preferences. This tool intelligently categorises these expenses across all bank accounts to help households assess how much they’re spending as a portion of their budget on their mortgage, travel, and entertainment. This feature helps with setting and tracking financial goals.
- Help at tax time: Customers will have the ability to tag expenses throughout the year to help them prepare for their tax return.
- Bigger picture view: See financial information in the Westpac app, including accounts from other institutions, for a more complete picture of their budget.
The new features in the Westpac app will be available in the final quarter of this calendar year.
Partnership with Cogo
Westpac is also announcing a new partnership with sustainability fintech Cogo to help customers track their carbon footprint and make more environmentally friendly choices.
"We know that increasingly Australians expect their financial products to help assist them make their own contribution to a net-zero future," added Mr de Bruin.
"We have partnered with Cogo to bring customers more insights into their own spending habits and the impact their choices are having on their carbon footprint, to help them shape their future decisions."
Westpac will start to roll-out the carbon tracking capability to select retail customers from next year.
Safety and security
The new capabilities are underpinned by safety and security features, including:
- Dynamic CVC - Customers can access a digital version of their card in the Westpac app which can be used for purchases, or if their physical card is lost or stolen. The Digital Card has a dynamic CVC which refreshes every 24 hours for added security. Since the feature was introduced in the Westpac app in early 2020, it has reduced the incidence of fraud for the average customer with a digital card by 80 per cent.
- Lock or unlock cards - If customers notice unusual activity on their card or it’s lost or stolen, they can place a temporary lock on their card instantly via the Westpac app anywhere, anytime to stop unauthorised use. If it’s a false alarm, they can unlock their card ready for use. Or they can also permanently cancel the card and issue a new digital one, via the Westpac app.
- Scam block - Westpac automatically blocks suspect online transactions from overseas retailers deemed high-risk of being a scam and notifies the customer via SMS.