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Enterprise Tech Ecosystem Series: Westpac

Westpac has been using technologies such as AI and data analytics as a part of its digital transformation strategies. The annual ICT spending of Westpac was estimated at $609 million in 2021. A major share of this spending is earmarked for acquiring software, hardware, and ICT services from vendors. Westpac is a provider of personal, private, business, and corporate banking solutions, its portfolio of products consists of accounts, cards, life and non-life insurance, personal and business loans, mortgages, overdraft facilities, banking solutions, and financing and leasing.

The Westpac enterprise tech ecosystem report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, investments, acquisitions, ICT spending among others.

Digital Transformation Strategies

Westpac has been using technologies such as AI and data analytics to transform its business model and meet customers’ digital expectations, besides focusing on other growth opportunities. The bank has launched several digital solutions in recent years, including blockchain based platform Lygon, which accelerates and traces foreign trade transactions; a biometric-enabled app; a supply chain platform; and its Red chatbot. It also introduced PayWear and Fitbit Mastercard wearables. Additionally, the bank is developing its tablet and mobile capabilities, offering most of its services through its mobile banking app while adding payment solutions such as Google Pay for Android devices.

To gain more insights on digital transformation strategies and initiatives of Westpac, download a free report sample

Westpac Technology Theme Focus

Westpac is utilizing number of emerging technologies including artificial intelligence, big data, and blockchain to improve operational efficiency and service capabilities.

Westpac Technology Theme Focus

To know about other technology themes under focus for the company, download a free report sample

Westpac Technology Initiatives

Westpac has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, acquisitions, and technology investments over the past few years.

For instance, Westpac introduced Wendy, a computer-generated digital human that acts as a digital job coach by combining AI technologies to provide a sophisticated and hyper real experience. Wendy’s ability to think is powered by IBM Watson’s AI conversation engine, its listening and speaking skills leverage Google Cloud Services, and her appearance is created by New Zealand based startup Soul Machines Wendy helps tech savvy young people find jobs.

For more insights on other technology initiatives of Westpac, download a free report sample

Westpac ICT Spend by Function

  • Communications
  • Data center
  • Network
  • Application
  • End-user computing
  • Service desk
  • Management

Westpac ICT Spend by Function

For more insights on ICT spending by function, download a free report sample

Westpac ICT Spend by Channel

  • Internal development and maintenance
  • Technology vendors (direct)
  • Local resellers
  • Telcos
  • ICT services providers/Consulting firms
  • Specialist outsourcers
  • Systems integrators

Westpac ICT Spend by Channel

For more insights on ICT spending by channel, download a free report sample

Westpac External ICT Spend by Segment

  • ICT services
  • Software (including Cloud SaaS)
  • Hardware (including Cloud Iaas)
  • Network and communications
  • Consulting
  • Others

Westpac External ICT Spend by Segment

For more insights on external ICT spending by segment, download a free report sample

Westpac Tech Ecosystem Overview

Total ICT Spending 2021 $609 million
ICT Spend by Function Communications, Data Center, Network, Application, End-User Computing, Service Desk, and Management
ICT Spend by Channel Internal Development and Maintenance, Technology Vendors (Direct), Local Resellers, Telcos, ICT Services Providers/Consulting Firms, Specialist Outsourcers, and Systems integrators
External ICT Spend by Segment ICT services, Software (including Cloud SaaS), Hardware (including Cloud Iaas), Network and communications, Consulting, and Others
Technology Theme Focus Artificial Intelligence, Big Data, and Blockchain

This report provides:

  • Insight into Westpac’s technology activities.
  • Insights of its digital transformation strategies and technology center & innovation program.
  • Overview of technology initiatives covering partnerships, investments, and acquisitions.
  • Insights on each technology initiative including technology theme, objective, and benefits.
  • Details of estimated ICT budgets and major ICT contracts.

Reasons to Buy

  • Gain insights into Westpac’s technology operations.
  • Gain insights into its technology strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various partnerships, investments, and acquisitions.

Key Players

Aider

Apple

Google

Amazon

Microsoft

Infosys

IBM

Tata Consultancy Services

10x Future Technologies

Common Ledger

Fit Pay

Paymark

ACI Worldwide

Octet

FrankieOne

Afterpay

SocietyOne

Cisco

Curious Thing

Akin

Looxid Labs

Flybits

Uno

R3

Assembly Payments

Everproof

Basiq

FinAccel

InLoop

QLabs

Table of Contents

Table of Contents

Overview

Digital Transformation Strategy

Accelerators, Incubators, and Other Innovation Programs

Technology Focus

Technology Initiatives

Venture Arm: Reinventure

Investments

Acquisitions

Partnership, Investment, and Acquisition Network Map

ICT Budget and Contracts

Key Executives

About GlobalData

Frequently Asked Questions

The annual ICT spending of Westpac was estimated at $609 million in 2021.

 

 

 

 

 

The key ICT spending categories by function for Westpac are communications, data center, network, application, end-user computing, service desk, and management.

The key ICT spending categories by channel for Westpac are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.

The key external ICT spending categories by segment for Westpac are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), network and communications, consulting, and others.

The key technological theme in focus for Westpac are artificial intelligence, big data, and blockchain.

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