Our vision and strategy
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 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 five strategic priorities that help guide our activities.
Our strategic priorities
a) Service leadership
- Delivering superior personalised service for customers genuinely focusing on their needs and exceeding their expectations – and in so doing deepening relationships
- Using digital technologies to help put customers in control of their finances
- Through data, better understand and anticipate customer needs
- Grow the customer base utilising our portfolio of brands and a simple digital experience
b) Digital transformation
- Materially reduce the Group’s cost of operations by using digital technologies to simplify processes, consolidate systems and transforming the customer experience
- Create a more seamless digital experience for customers
c) Performance discipline
- Be the region’s best performing bank
- Manage the business in a balanced way across strength, growth, return and productivity
- Maintain strong levels of capital, to meet the needs of all our stakeholders including regulators
- Maintain a high quality portfolio of assets, coupled with appropriate provisioning
d) Growth highways
- Focus on stronger growth in small to medium enterprises, mortgages and wealth
- Within all divisions target specific higher growth segments
e) Workforce revolution
- Continue to build a workplace where the best people want to work
- With a focus on service, continue strengthen the skills of our people to better serve customers and meet their complete financial needs
- Empower our people to drive innovation, deliver new and improved ways of working and be responsive to change
- Continue to enhance the diversity and inclusiveness of our workforce
Our company’s values
Supporting our customer focused strategy is a strong set of company-wide values, which are well embedded in our culture. These are:
- Integrity - we earn trust by demonstrating the highest standards of honesty and ethical behaviour
- Service - we are here to help and delight our customers
- One Team - we collaborate to deliver the best outcomes for our customers and the company overall
- Courage - we challenge the status quo and find a way to make things better
- Achievement - we strive for excellence and deliver results.
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.