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Westpac named Australia's top banking app, unveils new budgeting tool
1 November 2023
Westpac has today been recognised as Australia’s overall best mobile banking app.
Following an evaluation of five banking apps in a report released today by Forrester1, Westpac has clinched the top spot as overall best mobile app and overall digital experience leader. The report also recognised the Westpac App for its exceptional user experience and comprehensive functionality.
Westpac CEO Peter King says the recognition reflects the success of the bank’s digital-first strategy.
“We’re delighted to offer our customers the best banking app in the market,” Mr King said.
"Over the past few years we’ve invested heavily in the app with a focus on improving safety, security and digital services for customers.
“We’ve introduced new scam prevention measures and launched budgeting tools so customers can track their spending and saving goals.”
Westpac completely redesigned its banking app in 2021 as part of its digital strategy and has seen record growth in digital engagement with 5.8 million digitally active customers – up by 6% from the year prior2.
“The way people want to bank is changing,” Mr King added. “In the past decade alone, we’ve seen digital banking evolve from a personal computer to banking on your phone, to making payments with your watch.
“We’ve been investing in the latest technology and digital services to allow customers to do their banking anywhere and anytime of their choosing with the best possible digital experience.
“Through mobile, customers now have a bank in their pocket. We decided to rebuild and redesign our app to ensure we had the right platform in place to adapt quickly and introduce new tools and services in line with changing customer needs, both now and into the future."
NEW BUDGETING TOOL FOR CUSTOMERS
Westpac has also today announced a new budgeting tool, allowing customers to calculate their leftover spend based on their income, bills and savings targets.
Adding to the bank’s existing suite of money management features, the budgeting tool will provide personalised insights to help customers manage their spending, including across specific categories like groceries, travel, and entertainment.
Westpac Chief Digital Officer, Jason Hair, said: “We’re seeing more customers use our app now than ever before, particularly since rolling out new features that provide customers with more control and visibility over their spending.
“As more customers seek to adjust their spending in response to cost-of-living pressures, tools like the new budget planner will give them a more holistic view of their finances to help guide their decision-making and identify potential savings.”
More than 3 million customers are signing into the app each day to manage their daily banking tasks and take advantage of Westpac’s money management tools, with spend categorisation and savings goals ranking among the most popular features.
The new budgeting tool will be rolled out over the coming months. The bank has recently announced a range of new money management features, including:
- Savings Finder. Helps customers discover potential savings from their existing recurring payments for subscriptions and other expenses. This can help them identify opportunities to cut back on non-essential goods and services.
- Bills Calendar. Allows customers to add upcoming payments to their bills calendar and receive alerts when these bills are due, helping them better track and manage their expenses.
- ShopBack. Westpac’s partnership with ShopBack enables customers to get cashbacks from eligible purchases at participating retailers.
- Carbon Footprint Tracker. Customers can track their estimated carbon footprint in the Westpac App and gain insights to help make more environmentally friendly choices.
Westpac offers a range of channels for customers to do their banking, including through its branch network, access to virtual bankers and via online and mobile banking.
[1] The Forrester Digital Experience Review™: Australian Mobile Banking Apps, Q4 2023
[2] 5.8 million digitally active customers at September 2023, up 6% from September 2022. Digitally active defined as Australian consumer and business customers who have had an authenticated session on Westpac Group digital banking platforms in the prior 90 days.
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