Westpac Banking (WBC) investor relations material

Transformation program progress

• UNITE is progressing on schedule, with no changes to scope, timeline, or budget since the last update, and is currently in delivery with a business-led, technology-enabled approach and embedded governance.

• Major milestones include the migration of 60,000 Asgard customers to Panorama, the announcement of One Commercial Bank, and the rollout of the Digital Banker platform to all bankers.

• 8 out of 57 initiatives are complete, with 38 rated green, 7 amber, and 1 red in the traffic light framework; progress is now measured by milestones, with about 2,074 tracked.

• The program is structured into 10 work packages, with a centralized delivery team of about 1,800 people, strong governance oversight, and divisional executives accountable for outcomes.

• Key focus areas for the next half include the One Commercial Bank migration, foundational work for mortgage simplification, and scaling service request migrations.

Technology and AI integration

• AI tools have improved impact assessment efficiency by over 50%, reducing completion times from 10 to under 4 days, and are also being used in testing with early positive results.

• Digital Banker platform rollout is complete, providing bankers with a unified customer view and enhancing service consistency and capability.

• AI is seen as a tool to potentially accelerate and improve project delivery, but outcomes must be proven to governance and regulators.

• Migration tools and automated workflows ensure safe, seamless customer transitions and data continuity.

Financial impact and cost management

• UNITE investment is on track, with AUD 195 million spent in Q1 and total guidance of AUD 850–950 million by FY 2026; total Unite investment expected to be about AUD 2 billion per annum.

• Most cost benefits, especially from system decommissioning, are expected in the second half of 2028 and into FY 2029.

• Decommissioning legacy systems like Commercial Hogan will avoid a significant upgrade cost of about AUD 400 million.

• Initiative costs: Mortgage Simplification about AUD 285 million, Digital Banker about AUD 150 million, One Collections Platform about AUD 130 million, Debit Card Simplification about AUD 40 million, One Commercial Bank about AUD 230 million.

• The overall investment envelope remains at AUD 3.5 billion, with ongoing financial discipline to stay on budget.