Our strategy and purpose
Westpac Group's purpose is Helping Australians Succeed. It’s what we do, who we are and why we come to work every day. What's most important to us is understanding what success means to our customers and helping them get there.
Our strategy seeks to deliver on this purpose by building deep and enduring customer relationships, being a leader in the community, being a place where the best people want to work and, in so doing, delivering superior returns for shareholders.
In delivering on our strategy, we are focused on our core markets of Australia and New Zealand, where we provide a comprehensive range of financial products and services that assist us in meeting the financial services needs of customers. With our strong position in these markets, and over 13 million customers, our focus is on organic growth, growing customer numbers in our chosen segments and building stronger and deeper relationships.
A key element of this approach is our portfolio of financial services brands, which enables us to appeal to a broader range of customers and provides us with the strategic flexibility to offer solutions that better meet individual customer needs.
In delivering our strategy, we have three priorities that help guide our activities.
Our strategic priorities
Addressing our shortcomings by materially improving our management of risk and risk culture, reducing customer pain points, completing historical customer remediation program, and reducing the complexity of our technology
- Risk management
- Culture, including risk culture
- Customer remediation
- IT complexity
- Reduce customer pain points
Returning to our core businesses of banking in Australia and New Zealand, including exiting some businesses and international locations. Rationalising products and simplifying processes to make it easier for customers.
- Exit non-core businesses and consolidate international locations
- Rationalise products
- Implement Line of Business operating model
- Transform using digital and data
Improving performance by building customer loyalty and growth through service, sharpening our focus on returns, and resetting our cost base. A strong balance sheet and engaged workforce form the foundations of performance.
- Customer service – market leading
- Mortgage growth
- Enhance returns, optimise capital
- Strong balance sheet
- Re-set cost base
Our company’s values
Our values are what we believe in at Westpac Group. Our values are based around helping as it’s at the heart of what we do. They are:
- Helpful - Passionate about providing a great customer experience
- Ethical - Trusted to do the right thing
- Leading Change - Determined to make it better and be better
- Performing - Accountable to get it done
- Simple - Inspired to keep it simple and easy
Sustainability is part of our strategy of seeking to anticipate and shape the most pressing emerging social issues where we have the skills and experience to make a meaningful difference and drive business value. Our approach makes sustainability part of the way we do business, embedded in our strategy, values, culture and processes.
In November 2017 we announced our which builds on extensive consultation and an analysis of the current and emerging issues that matter most to our stakeholders. The strategy is centred around three priority areas:
- Helping people make better financial decisions
- Helping people by being there when it matters most to them
- Helping people create a prosperous nation.
Underpinning these priority areas is our commitment to doing the right thing by the customers and communities we serve, helping them through moments of change, and building a culture that’s caring, inclusive and innovative.