Westpac was the first large Australian bank to introduce digital onboarding in 2014 that did not require physically attending a retail branch. While digital onboarding is now available across most of their product lines, Westpac was relying on a separate, legacy systems that posed challenges to continued digital transformation. In addition to the need for a unified solution, Westpac wanted to increase pass rates as many customers who did not automatically pass often abandoned the process midway due to additional requirements, such as attending a branch.
In 2021, Westpac also launched its Banking-as-a-Service (“BaaS”) platform which offers white-labelled banking products for third party customers, including Afterpay and SocietyOne. As part of this service, Westpac needed robust compliance infrastructure that ensures their platform customers remain compliant while maintaining speed-to-market that is a central part of the BaaS value proposition.
Compliance was critical
Westpac needed robust compliance infrastructure that ensures their platform customers remain compliant while maintaining speed-to-market that is a central part of the BaaS value proposition.
Siloed vendors
Westpac was relying on a separate, legacy systems that posed challenges to continued digital transformation.
Low pass rates
Westpac wanted to increase pass rates as many customers who did not automatically pass often abandoned the process midway due to additional requirements, such as attending a branch.
Poor customer experience
Westpac needed to improve their customer experience which was often a multi step, complex onboarding processes and required in-person verification.