The bank launched a number of unique environmentally linked products, including the Westpac Landcare Term Deposit, which allows customers to direct deposit funds towards sustainable farming ventures, and a home loan package that offers discounts on environmental products, such as solar hot water heaters.
More broadly, Westpac’s substantial reinvestment of $430m a year in product and customer systems has laid the foundation for further growth. The bank increased the reach and capability of its distribution network through additional front-line staff, longer trading hours, and smarter and more efficient systems to serve customers.
Online application and decision-making process have been developed to provide customers applying for credit lines with enhanced procedures and faster approval timeframes.
“The combination of focusing on doing the simple things well, having a clear plan, fostering a high-performance culture and a real focus on customers has continued to deliver superior, consistent returns for Westpac,” says chief executive David Morgan.
“In 2005, we led the Australian banking sector in both growth and returns, and have been rated the leading bank globally for sustainability in the 2006 Dow Jones Sustainability Index, for the fifth year in a row.
“This foundation of performance along with the passion and commitment of our 27,000 people gives me great confidence in our future. We are delighted to be named Bank of the Year for Australia for the fourth time in the past five years.”
