How Westpac New Zealand Drives Innovation Through The Customer

How Westpac New Zealand Drives Innovation Through The Customer
SHARE
THIS



There is no doubt digital disruption is here. As customer behaviour is being driven by the adoption of new technologies, businesses are being forced to ‘disrupt’ and innovate to remain relevant in a changing landscape.

Yet while businesses race to evolve their business models through digital improvement, one of the biggest mistakes they are making is not putting the customer at the forefront of business transformation.

According to Simon Pomeroy, chief digital officer at Westpac New Zealand, the key to developing an effective digital strategy is not about the technology, but about the whole end-to-end journey of the customer, and considering how digital fits into their overall experience.

“We hear this word disruption a lot. Most people think disruption is about technology. Well it’s not about technology. Disruption is all about customer experience.

“It’s about thinking about how a customer starts the journey, the journey itself and then how the customer finishes the journey and integrating digital throughout,” he says.

And Simon is a man who knows what it takes when it comes to driving innovation throughout a business. Since taking up the role of chief digital officer at Westpac New Zealand in January 2014, the bank has launched a range of digital initiatives with Pomeroy and his team at the wheel.

This includes signing an agreement with Samsung to work jointly on digital banking innovations, with Samsung giving Westpac early access to its smart devices and being the first bank globally to integrate US banking start-up Moven’s money management tools.

Pomeroy says the evolution of the bank’s digital strategy has continually revolved around creating a personalised and relevant experience for their customers.

“Digitalisation can remove a lot of friction for customers. Banking is and always will be about relationships. So you need to think about the digital process as part of the entire experience,” he explains.

With customer behaviour being driven by the adoption of mobile, tablets and smart technology; Westpac has begun to move towards creating a seamless multi-channel experience in order to reach out to customers on the channels they are active on.

“We’re starting to think about how innovation is going to play a part in the customer experience via digital channels.

We’ve begun thinking about how to create a multi-channel experience in a way that gives our customers the ability to do things faster and easier, but also give them a more immersive educational experience as well,” Pomeroy says.

One channel where Westpac New Zealand is seeing major growth is mobile. Based on results of a survey conducted by the bank in 2013, more than 60 per cent of their customers said they would be using a mobile device to bank over the next three years, with more than 80 per cent saying they would be doing it in five.

“We’ve had an online banking solution for about 14 years. But we’ve had a mobile banking solution for less than two (years), and we’ve got half our online customers now using mobile to bank. That’s a staggering uptake in such a short space of time,” says Pomeroy.

As mobile continues to be the channel of customer choice, Westpac New Zealand has responded to this shift in customer preference by releasing a new online banking platform that’s mobile led and offers a consistent user experience across all devices – smartphone, tablet and desktop. This gives Westpac New Zealand customers full online banking capability through their phone.

According to Pomeroy, developing these new innovative solutions all comes down to thinking about personalising the experience for customers in a far different way then they ever have before.

“It’s really about making it easy for people to go about their everyday banking. At Westpac, we’re re-thinking the whole experience to make sure we can offer customers a seamless world-class experience with everything they do.

People are not looking for the best New Zealand experience – they compare banks with truly global businesses they interact with every day. So banking needs to offer world class and personalised experiences as well,” he says.

Download the rest of the article by Simon Pomeroy here, where he further explores how Westpac NZ is:

– Using data and customer feedback to deliver value
– Partnering with new players to deliver excellent customer experience
– ‘disrupting’ their business to remain relevant in a competitive landscape

 

Latest News

Pooled Energy Appoints Magnum & Co And The Wired Agency
  • Advertising
  • Marketing

Pooled Energy Appoints Magnum & Co And The Wired Agency

Swimming pool electricity retailer Pooled Energy has appointed Magnum & Co and sister agency The Wired Agency to its roster, following a competitive pitch. Magnum & Co will handle Pooled Energy’s social media and PR, while The Wired Agency has been appointed to manage the company’s search and display advertising. Both agencies will collaborate with […]

Masculinity Roasted In Clever New Ad
  • Advertising
  • Campaigns

Masculinity Roasted In Clever New Ad

Think masculinity means drinking a case without chundering? Well, rediscover it (& possibly yourself) with this top ad.

by B&T Magazine

B&T Magazine
WPP AUNZ Partners With Career Trackers Indigenous Internship Program
  • Advertising

WPP AUNZ Partners With Career Trackers Indigenous Internship Program

Advertising and marketing network WPP AUNZ has joined the Career Trackers Indigenous Internship Program as part of its commitment to a diverse workforce, and the creation of opportunities that inspire excellence. As part of the program, WPP AUNZ has welcomed its first three interns: Abi-Leigh Dillon (WPP AUNZ), Amy Mccutcheon (MediaCom) and Jacinta Evans (Ogilvy), […]

Taboo Goes On A Hiring Spree
  • Advertising

Taboo Goes On A Hiring Spree

Taboo has gone a hiring spree. And when it comes to sprees, that's far better than a shooting one or a farting one.

M&C Saatchi Group’s 1440 Shuts Up Shop
  • Marketing

M&C Saatchi Group’s 1440 Shuts Up Shop

Sadly, M&C Saatchi's 1440 is no more. And chances of it being reborn as 1550 not looking much chop either.

by B&T Magazine

B&T Magazine
Luke Kelly Becomes A Partner At HBT
  • Advertising
  • Marketing
  • Technology

Luke Kelly Becomes A Partner At HBT

B&T's not sure what's with that twirly thing in the press photo, suffice to say a vortex to an alternate dimension?

Women In Media Profile: Alison Michalk
  • Media

Women In Media Profile: Alison Michalk

If B&T's Women in Media profiles were an animal they would be a gazelle or lioness, or even a lioness eating a gazelle.

by B&T Magazine

B&T Magazine
Grant Broadcasters Makes Several Changes To Senior Executive Team
  • Media

Grant Broadcasters Makes Several Changes To Senior Executive Team

Independent media company Grant Broadcasters has announced a number of changes to its executive ranks. Grant Cameron will move up to become non-executive chairman for the company, and Alison Cameron (pictured above) – currently the chief operating officer – will assume the CEO role. Dugald Cameron remains responsible for the family’s investment portfolio and is […]

Shopper Media Group Partners With Mist To Offer New Tech & AI-Driven Capabilities
  • Advertising
  • Media

Shopper Media Group Partners With Mist To Offer New Tech & AI-Driven Capabilities

Australian retail out-of-home (OOH) business Shopper Media Group (SMG) has announced a partnership with AI-powered wireless networks provider Mist. The partnership will see SMG offer new WiFi, analytics and location-based services across the company’s portfolio of Australian shopping centres. Mist currently provides WiFi and location services using virtual Bluetooth LE technology to businesses across all […]

Indy Agency This Is Flow Wins Cruiseco’s $5 Million Media Account
  • Advertising
  • Media

Indy Agency This Is Flow Wins Cruiseco’s $5 Million Media Account

Travel organisation Cruiseco has announced the appointment of Sydney independent agency This is Flow (TIF) to handle its $5 million media account. This is the first time Cruiseco has appointed an agency, having managed its communications internally. Cruiseco is the largest and broadest distributor of cruise products in the Southern Hemisphere. With a membership base […]

Women In Media Profile: Naomi Shepherd
  • Media

Women In Media Profile: Naomi Shepherd

Need a Monday morning pick-me-up? You could stand naked next to the office fridge or read these inspiring words.

by B&T Magazine

B&T Magazine
APN Outdoor Takes Off With Queenstown Airport Contract
  • Advertising
  • Media

APN Outdoor Takes Off With Queenstown Airport Contract

Out-of-home media business APN Outdoor has won the tender for New Zealand’s Queenstown Airport. As part of the new agreement, APN Outdoor has flagged extensive development plans for Queenstown Airport’s advertising assets. The new contract adds Queenstown Airport to APN Outdoor’s existing portfolio of Auckland and Christchurch Airports. The media company will hire a South […]