Westpac Banking Corporation · ASX:WBC
Westpac Banking — Investor Presentation (March 2026)
34 slides from Westpac Banking's investor presentation, Mar 26, 2026
Slide 1: UNITE Update
UNITE UPDATE WESTPAC 26 MARCH 2026 Westpac Banking Corporation ABN 33 007 457 141 IMPORTANT: This presentation contains a number of ‘forward looking statements’ which are subject to assumptions, risks and other important information set out in the disclaimer at the back of this presentation. 1
Slide 2: Anthony Miller, Chief Executive Officer
ANTHONY MILLER Chief Executive Officer 2 Westpac Update March 2026
Slide 3: UNITE Objectives: One Best Way
UNITE OBJECTIVES: ONE BEST WAY 1 BETTER CUSTOMER EXPERIENCE 2 IMPROVED EMPLOYEE EXPERIENCE 3 INCREASED SHAREHOLDER RETURN NPS #1 EMPLOYEE ENGAGEMENT CLOSE CTI RATIO TOP DECILE GLOBALLY GAP TO PEERS FEWER PRODUCTS SIMPLIFY PROCESSES CONSOLIDATE TECHNOLOGY • Easy for customers to manage their • One be
Slide 4: Execution Focus
EXECUTION FOCUS • Since FY25 results, no changes to overall Utilising AI capabilities program: AI IMPACT ASSESSMENTS – Scope • Improving how data lineage and downstream impacts are determined – Timeline • Impact assessments are a key dependency for the – Budget majority of UNITE initiatives • Improv
Slide 5: Execution Progress – Improving Customer and Employee Experience
EXECUTION PROGRESS – IMPROVING CUSTOMER AND EMPLOYEE EXPERIENCE DIGITAL ONE PRIVATE COLLECTIONS BANKER BANK PLATFORMS Platform rolled out Enhanced customer Two legacy platforms to all bankers experience & service offering decommissioned ONE CHAT ONE WEALTH NEW INVOICE PLATFORM PLATFORM FINANCE PLATF
Slide 6: One Wealth Platform: BT Panorama
ONE WEALTH PLATFORM: BT PANORAMA 60k accounts, $16bn FUA >300k accounts >$150bn FUA 243k accounts, $138bn FUA EXPECTED OUTCOMES 1 BETTER CUSTOMER EXPERIENCE 2 IMPROVED EMPLOYEE EXPERIENCE 3 INCREASED SHAREHOLDER RETURN • Award winning platform1 • Simplified service model • Initiative cost ~$70m • En
Slide 7: One Commercial Bank
ONE COMMERCIAL BANK DIGITALLY ENABLED MIGRATING ~75,000 CUSTOMERS SUPPORTED BY MIGRATION PROCESS, COMMERCIAL CUSTOMER EXISTING BANKER AND SUPPORTED BY ACCOUNTS TO WESTPAC BANKING TEAM UNILATERAL VARIATION1 EXPECTED TO COMPLETE IN DEC-27 EXPECTED OUTCOMES 1 BETTER CUSTOMER EXPERIENCE 2 IMPROVED EMPLO
Slide 8: Peter Herbert, Chief Transformation Officer
PETER HERBERT Chief Transformation Officer 8 Westpac Update March 2026
Slide 9: Delivery Approach
DELIVERY APPROACH Business led, technology enabled • Centralised UNITE delivery team focused on execution PROGRAM DISCOVERY COMPLETE 57 INITIATIVES1 • Technology and the Data, Digital and AI teams support delivery • Scope set • Divisional Group Executives accountable for customer, financial and risk
Slide 10: Program Update
PROGRAM UPDATE UNITE Investment spend ($m) 8 49 850 - 950 Initiatives complete Initiatives remaining 660 Initiative status1 38 7 1 147 Preparation to support customer migrations: FY24 FY25 FY26 • Channel simplification • Data simplification • $195m invested in 1Q26, 73% expensed • AI: faster downstr
Slide 11: Monitoring Progress
MONITORING PROGRESS Percentage complete by project stage Mar-25 Sep-25 Mar-26 • Program scope confirmed DISCOVERY1 52% • Understand change requirements • Develop delivery plans • Product harmonisation • Customer and banker journey mapping SIMPLIFY2 14% 29% 44% • Data analysis and profiling • Cap
Slide 12: Migrations to Support Decommission of Commercial Hogan
MIGRATIONS TO SUPPORT DECOMMISSION OF COMMERCIAL HOGAN UNITE MIGRATIONS ONE WEALTH ONE COMMERCIAL ONE BUSINESS PLATFORM BANK DEPOSIT LEDGER CORE LEDGER: COMMERCIAL Wealth customer Commercial Other business HOGAN cash management customer deposit deposit DECOMMISSION accounts accounts accounts COMMERC
Slide 13: Key 2H26 Milestones
KEY 2H26 MILESTONES MORTGAGE • Transfer Westpac mortgage property security data to the target state master SIMPLIFICATION1 • Enable SMSF product on the Westpac mortgage ledger • Scale service request migrations DIGITAL BANKER2 • Strengthen customer authentication and onboarding • Transition Westpac
Slide 14: One Wealth Platform
ONE WEALTH PLATFORM
Slide 15: BT Panorama
BT PANORAMA FUA ($m) Net flows excluding benefit payments2 ($m) 135,567 3,204 121,389 1,722 Up 12% Up 86% Dec-24 Dec-25 1Q25 1Q26 WINNER OF BEST CLIENT PORTAL AND MOBILE APP1 LARGEST SHARE OF ADVISER RELATIONSHIPS3 Managed accounts FUA ($m) Net Promoter Score (NPS)6 14 29,952 Up 63pts 22,883 Up 31%
Slide 16: Strong Delivery Track Record
STRONG DELIVERY TRACK RECORD BENEFIT Commenced adviser-led customer Transferred > 3,000 accounts / $2bn in FUA Retention, MBFI1 FY24 transitions from Asgard to Panorama Asgard soft-close Cease opening of new Asgard accounts Data stability and quality, FY25 MBFI IDPS2-Like Product Termination Returne
Slide 17: Migration Learnings
MIGRATION LEARNINGS • Clear, regular adviser and customer communications helped build understanding and confidence through the migration • Tight coordination across internal teams and third-parties, surfaced issues early and kept priorities aligned • Early focus on data quality to reduce downstream
Slide 18: What's Next for BT Panorama
WHAT’S NEXT FOR BT PANORAMA Continuing to invest to support advisers and customers Leveraging Westpac ownership to Stronger, more secure integration Launching an innovative retirement differentiate and scale across the advice ecosystem income stream with Challenger STRATEGIC SCALE ADVANTAGE ECOSYSTE
Slide 19: One Commercial Bank
ONE COMMERCIAL BANK
Slide 20: Expected Outcome: Better Customer Experience
EXPECTED OUTCOME: BETTER CUSTOMER EXPERIENCE LEADING DIGITAL • Instant payments: Osko; PayID; and PayTo / PayID for Billers AND PAYMENTS • Market leading mobile banking app and eStatements CAPABILITY • Enhanced security including SafeBlock & SafeCall • Dynamic Virtual Credit Card and Card Management
Slide 21: Transition Stages
TRANSITION STAGES PRE-MIGRATION MIGRATION POST MIGRATION SUPPORT 1 2 3 4 5 Customer Customer Customer Customer and Migration engagement creation notification product migration completion Work with customers Create customers on Digitally issue New customer Transition success to agree tailored target
Slide 22: Migration Enablers
MIGRATION ENABLERS • Majority of payments automatically routed to new transaction accounts SEAMLESS • Document Hub provides digital experience with safe, secure, personalised portal 1 EXPERIENCE • Unilateral variation , no change to customer credit limits or impact to securities or guarantees; no re
Slide 23: Opportunity to Deepen Relationships
OPPORTUNITY TO DEEPEN RELATIONSHIPS1 Average customer needs met (#) Deposit to loan ratio (%) 4.9 78 4.2 52 17% higher 26ppts higher SGB/BSA/BoM Westpac SGB/BSA/BoM Westpac Product depth (%) 89 93 34 35 34 23 23 8 Transaction Payment Equipment Interest rate / banking solutions finance FX RRB SGB/BSA
Slide 24: UNITE Delivery
UNITE DELIVERY
Slide 25: Robust Structure/Framework
ROBUST STRUCTURE/FRAMEWORK GOVERNANCE UNITE Board RESOURCING Directors oversight working group, reporting at every Board meeting and quarterly customer journey deep dives Centralised delivery team of INTERNAL RESOURCES ~1,800 employees Executive leadership Monthly steering committee and weekly CEO m
Slide 26: Delivery Approach
DELIVERY APPROACH DELIVERY SEQUENCE WORK PHASES SIMPLIFY IMPLEMENT & DECOMMISSION CLEAR • Migration strategy and design • Feature and capability • Migration testing • Migration readiness OBJECTIVES • Customer and banker journeys readiness • Migration execution • Increase infrastructure capacity • Pr
Slide 27: Mortgages Simplification Target State
MORTGAGES SIMPLIFICATION TARGET STATE BEST OF WESTPAC ONE BEST WAY SIMPLIFIED TECHNOLOGY MULTI-OFFSETS ORIGINATION 3 TO 1 MORTGAGE LEDGERS DIGITAL SERVICING SERVICING 3 TO 1 COLLATERAL MASTERS 17 TO 9 PRODUCTS1 DATA & RISK MANAGEMENT 19 TO 6 SUPPORTING APPLICATIONS EXPECTED OUTCOMES 1 BETTER CUSTOME
Slide 28: Mortgages Work Package
MORTGAGES WORK PACKAGE 2025 2026 TIMELINE DISCOVERY SIMPLIFY KEY ACTIVITIES CENTRALISED TEAM GOVERNANCE • Harmonise and simplify • Product team • Consumer Group Executive and products Mortgages General Manager • Technology accountable for outcomes • Simplify collateral management • Bankers • Monthly
Slide 29: Mortgages Sequencing of Delivery
MORTGAGES SEQUENCING OF DELIVERY SIMPLIFY IMPLEMENT & DECOMMISSION Mar-25 Feb-26 Nov-25 SIMPLFY INTEGRATED TESTING PRODUCTS Multi- Product Seniors Access Company & SMSF Portfolio offsets harmonisation Loan Product Trust Product Product Loan Product build1 build Build1 Build1 Mar-25 Feb-26 Feb-26 PRE
Slide 30: Operating Model in Action – Mortgages Work Package
OPERATING MODEL IN ACTION – MORTGAGES WORK PACKAGE STREAMLINED BUSINESS ONE UNITE SIMPLIFIED FINANCIAL GOVERNANCE LED TEAM EXECUTION SUPPORT 30 Westpac Update March 2026
Slide 31: Appendix
~ —— APPENDIX
Slide 32: UNITE: Current Focus Areas
UNITE: CURRENT FOCUS AREAS DIRECT OBJECTIVE EXPECTED OUTCOMES KEY MILESTONES IN 2H26 COST3 BENEFITS4 (Mar-26) (Mar-26) Establish products, Customers have access • Transfer Westpac mortgage property MORTGAGE fees and features on to market leading security data to the target state master SIMPLIFICATIO
Slide 33: Change in Monitoring Progress Approach
CHANGE IN MONITORING PROGRESS APPROACH Percentage complete by project stage Based on initiatives completed, Based on milestones completed, previous approach revised approach Mar-25 Sep-25 Mar-25 Sep-25 SIMPLIFY 10% 17% 14% 29% IMPLEMENT 7% 15% 4% 13% 33 Westpac Update March 2026
Slide 34: Disclaimer
DISCLAIMER The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities. The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as adv