Forrester has recognized Australian major bank Westpac for its excellent mobile banking app.
The bank’s effective digital-first strategy under the leadership of CEO Peter King has resulted in considerable improvements to its app in recent years.
With Westpac putting most of its attention to digital innovation, its digitally active customer base rose 6% to 5.8 million as of September this year. Its app overhaul in 2021 significantly contributed to the growth, aligning with its shift to mobile banking for anytime-anywhere access.
Users were drawn mainly to the bank’s diverse personal finance tools. The budgeting tool, for instance, calculates users’ remaining spending based on their income, bills, and savings goals. That tool and other features offer tailored information in different spending categories.
Westpac’s Chief Digital Officer Jason Hair attributed the increased number of users to features that have enhanced their control over spending amid pressures on living costs. The bank intends to introduce the budgeting tool soon.
Westpac has also unveiled money management features such as the Savings Finder for identifying possible savings from recurring payments, the Bills Calendar for monitoring upcoming payments, and ShopBack for cashback from qualified purchases at specific retailers.
Furthermore, the bank launched a Carbon Footprint Tracker for customers to keep an eye on their environmental impact, aligning with global environmental concerns. The app currently observes 3 million daily sign-ins as users handle their finances and use Westpac’s money management tools.
Since launching contactless mobile payments in 2013, Westpac has been at the forefront of banking technology innovation. It also offers secure features like PayID and TouchID, created through broad customer research.
Westpac’s digital-first approach and focus on innovation continue to support its position as a banking industry leader.
Westpac Leads Mobile Banking in Australia
Forrester’s Asia-Pacific (APAC) Marketing Senior Manager, Iris Leong, has disclosed that 52% of Australian online adults prefer banking via mobile apps, a 42% climb in 2020.
For this year, 76% of Australian Millennials and 69% of Gen Z expect to tackle financial tasks through their smartphones.
Forrester has assessed banks’ efficiency in meeting customers’ requirements by evaluating the capability and user experience of mobile apps from major Australian banks.
These banks included Australia and New Zealand Banking Group Limited (ANZ), the Commonwealth Bank of Australia (CommBank), Macquarie Bank, National Australia Bank (NAB), and Westpac.
The study revealed that Westpac excels the most in money movement, search functions, and error prevention. It was the first time the bank claimed the overall top spot in the review.
