Westpac Banking (ASX:WBC, NZE:WBC) said it expects to invest around AU$600 million in fiscal 2025 for its Unite technology simplification program, according to Australian and New Zealand bourse filings Friday.
The bank invested AU$107 million in the program in the first quarter of the fiscal year. The program will cost around 35% to 40% of its total investment per year from fiscal 2025 to fiscal 2028.
Its group executive team will lead the transformation, including the Unite program, with a new plan for nine initiatives. The total number of initiatives were consolidated to 60, four of which were completed, while 41 are currently in progress.
The Unite program is aimed at simplifying and consolidating all the bank's technology and processes. It is migrating mortgage customers to a single suite of products, processes and applications, and nine origination apps as well as four servicing apps were decommissioned as part of the process.
The program will consolidate seven collections systems to a single collections platform and streamline four workflow systems.
The bank's shares rose past 1% on the New Zealand bourse in recent trading on Friday.
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