Client Description

Westpac Institutional Bank is one of Australasia's leading specialist financial services managers and distributors. They service the financial needs of corporate, institutional and government clients that are based, or have interests in Australia, New Zealand, and throughout Asia. Relationship management teams are supported by specialised product expertise in financial markets, debt capital markets and transactional banking.

Westpac is a clear market leader in institutional banking, having approximately 60% market share in Australia. A key differentiator for this success is through the leading IT self service capabilities that the bank is able to provide to its customers.

Context

One of the pillars of Westpac’s growth strategy is expansion into Asia, a market which has stringent regulatory frameworks surrounding IT systems. Westpac chose Backbase CxP as the basis for its first customer self-service platform for Asian customers. The program is providing full service intenet banking functionality for the complex needs of corporate and institutional banking.

Backbase CxP is central to driving the transformation strategy, with ambitious goals to lead the whole of the bank and provide a blueprint for:

An innovation driven culture
Customer Experience as a primary concern in the design and build of IT solutions
The use of Agile methodologies to offer rapid delivery cycles
Evangelise and introduce modern software platforms to the bank
Uplift the security capabilities to provide leading functionality for web and mobile
Implement within a modest budget

Digizoo Role

To provide thought leadership, solution design, and drive the implementation of all aspects of the Backbase platform.

Workshops and customer engagement to determine requirements and their feasibility
Assessment of solution options and technologies
End to End Solution Design, and validation through the rapid development of working Proof of Concepts
Stakeholder engagement for both business and IT to collaborate, socialise, and refine the program roadmap and solution architecture
Assist with recruitment and mentoring to build a new team and culture that thrives on innovation and embraces the challenges of pioneering cutting edge technology in a conservative organisation.
Implement all of the solution components, including:
Backbase CxP
Westpac’s first API Management Platform
A new Digital Integration framework based on Open Source technologies
Cutting edge Application Performance Monitoring

Results

The Westpac Backbase platform has become a beacon for innovation for other parts of the bank, and is now also being implemented by Westpac New Zealand. There is genuine interest from other business areas such as Superannuation, Loans, and Payments all looking to build their digital strategy on the Backbase platform.