Westpac launches loans portal for Institutional clients
(31 July 2017 – Australia) Westpac’s Institutional Bank (WIB) has revealed an online portal aimed at corporate customers to manage A$40 billion of loans.
The self-service platform promises to digitise loans for 1500 corporate customers, in place of current processes which are both time and labour intensive for both parties.
Westpac claims the portal will cut 10,000 hours a year from processes such as approving drawdowns of loans that would otherwise involve up to three teams and five people. According to the bank, it receives up to 3000 requests every month.
Westpac has been developing the system for the past 18 months and expects to continue adding new capabilities that will increase customer “stickiness” and support revenue growth.
WIB chief executive Lyn Cobley said, “We will continue to invest in our core capabilities and transform service and digital experience for our customers as they seek to become more efficient in a low-growth environment.”
She added that the bank’s focus would be on deeper relationships with fewer, but higher value clients.