Our strategy and vision
Westpac’s vision is to be one of the world’s great service companies, helping our customers, communities and people to prosper and grow.
Our strategy seeks to deliver on this vision by providing superior returns for our shareholders, building deep and enduring customer relationships, being a leader in the community and being a place where the best people want to work.
In delivering on our strategy we are focused on our core markets of Australia, New Zealand and the near Pacific, where we provide a comprehensive range of financial products and services that assist us in meeting all the financial services needs of our customers. With our strong position in these markets, and nearly 13 million customers, our focus is on organic growth, growing customer numbers in our chosen segments and building stronger and deeper customer 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 implementing this strategy, we seek to grow customer numbers in chosen segments and increase the number of products per customer with a specific focus on deposits, and wealth and insurance cross sell.
Asia is an important market for us and we are progressively building our presence and capability across the region to better support Australian and New Zealand customers operating, trading and transacting in the region, along with Asian customers seeking financial solutions and services in Australia and New Zealand.
While continuing to build the business, the more challenging financial services environment has required us to focus on strengthening our financial position while at the same time improving efficiency. This strengthening has involved lifting the level and quality of our capital, improving our funding and liquidity position and maintaining a high level of asset quality and provisioning.
While we currently have a relatively low cost to income ratio, we continue to seek opportunities to streamline and simplify our business, to improve the quality of experience for customers and reduce our unit costs.
Our sustainability strategy supports this approach by anticipating and shaping the most pressing emerging social issues where we have the skills and experience to make a meaningful difference and drive business value. These areas are:
- Anticipating the big shifts of demographic and cultural change and their impact on our workplace and customers
- Creating economic solutions to environmental challenges
- Helping customers achieve sustainable financial futures in a changed landscape.
Our approach seeks to make sustainability part of the way we do business, embedded in our strategy, values, culture and processes.
We believe that successful execution of our strategy will lead to higher revenue per customer and strong credit quality (because we know our customers very well) and a superior cost profile.
Supporting our customer focused strategy is a strong set of company-wide values, which are well embedded in our culture. These are:
- Delighting Customers - by deeply understanding and exceeding expectations
- One Team - working together respectfully, valuing each other, to deliver the best outcomes for customers and the organisation
- Integrity - each employee accountable for their actions, their honesty and doing the right thing
- Courage - having the courage to deal with change - thinking boldly and finding new ways of doing things
- Achievement - pursuing personal, team and business excellence.