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Westpac digital drive helping contain costs

George Nott | May 8, 2017
Interim cash profit of more than $4 billion follows busy six months in transformation effort.

In April, Westpac became the first major bank to offer mobile payments via Samsung Pay. In March, it was one of a group of banks to lose its fight with Apple over the iPhone-maker's payments platform.

The bank was "actively responding to new digital opportunities" it said in its investor presentation today, backing various innovation accelerators, including its internal Hotbox program, fintech space Stone & Chalk and distributed ledger group R3.

In January, Westpac Group upped its stake in QuintessenceLabs to enable the homegrown quantum cyber security company to further expand its global reach.

Investment continues in mortgage broker disruptor Uno and cloud claiming and payments platform Lantern Pay, and the bank has committed $100m to independent venture capital fund Reinventure which allowed it to "gain insights into emerging fintech business models".

"The Group has continued to use advances in digital technologies to improve the customer experience, enhance productivity and reduce risk," the bank said.

Source: CIO Australia 


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