More than 800,000 customers will benefit from Westpac’s banking app over the coming weeks following a successful trial with more than 20,000 customers, according to Westpac.
The Android launch follows the app when the app was unveiled for 1.7 million iPhone customers earlier in the year with a 15% increase in customers using mobile only for digital banking.
“Mobile has become the channel of choice for customers, with more than 84% of consumer and business digital banking taking place on a smart phone or tablet,” comments Westpac chief executive consumer and business banking Chris de Bruin.
“We wanted to create an app where we put the customer in control and give them on-demand access to their finances,” de Bruin says.
“It’s great we can now bring this better banking experience to even more of our customers with the latest Android roll out. Since first introducing the new app for iPhone, we’ve seen strong uptake with 700,000 daily users and more than 90,000 customers using our Smart Search feature each week,” de Bruin adds.
Westpac has also included a range of features to bolster digital safety and security when using the new app.
Says de Bruin: “Westpac offers customers a market-leading digital card security feature through our dynamic CVC which issues a new temporary code every 24 hours via the app to help protect customers from fraud when shopping online.”
The chief executive claims that Westpac has seen a 178% increase in the number of customers using digital cards within their mobile banking app, and customers viewed the dynamic CVC more than 400,000 times each month.
“Today’s announcement is the next step in our digital banking strategy which continues to evolve to meet the changing needs of our customers. We will continue to build digital solutions to make banking simpler, faster, and even more secure,” says de Bruin.
Westpac research shows nine in 10 (87%) Australians agree it is easier to conduct everyday banking tasks through digital channels, and 75% believe digital banking has made them more conscious of spending.
The Westpac app for Android 10+ and iPhone includes the following features:
Smart Search: customers can locate banking services in the app, search transactions across multiple accounts, or even initiate and make payments.
Digital Card: customers can access a digital version of their card in the app which can be used for purchases, or if their physical card is lost or stolen. The Digital Card has a dynamic CVC which refreshes every 24 hours for added security.
transaction identification: detailed transaction information to identify where customers have spent money including business name, location and contact details.
Cards Hub: customers can now find their debit or credit cards consolidated in one place and lock a card if it gets lost or stolen, change a PIN, or add new cards to their digital wallet.
Savings Goals: customers can track savings goals in the app with new visual progress tracking, as well as set up recurring transfers and share savings goals with a joint account holder.
Easy Sign-up: customers can download the app with safe and secure electronic verification, open a new savings and transaction account, and set up their Digital Card all within the app.
Accessibility improvements: for customers who may be hearing or vision impaired, including making it compatible with screen reader and voiceover technology.
Payments: reduction in number of payment steps from twelve to four, enabling drag and drop transfers, and making it easier for customers to repeat favourite payments.