In Westpac’s results announcement, the bank’s chief executive Brian Hartzer said the overall statutory net profit for Westpac for the 12 months to 31 March was $3,907 million, a 6 per cent increase from the same period the previous year.
“The benefits of our strategy are clear in this result. We’ve digitised more processes which improved service for customers while also bringing costs down,” Mr Hartzer said.
“We’ve launched a number of new systems including Samsung Pay, SuperCheck and our new wealth system Panorama and we’ve added around 100 new online features to assist customers.”
Westpac Group said it has now largely completed its SMSF and wealth platform system Panorama, and has improved the functionality and usability of various mobile applications and is continuing to digitise manual activity.
“The group has continued to experience growth in wealth and insurance, with funds on the new Panorama system increasing by over $1 billion and life in-force premiums rising 6 per cent,” Westpac said.
BTFG chief executive Brad Cooper said BT was operating in a challenging environment but it had achieved significant strategic milestones across the business.
“This half, we delivered a step change in managing clients’ superannuation, SMSFs and investments with the integration of superannuation and insurance on BT Panorama,” Mr Cooper said.
“This was a crucial milestone in the build of BT Panorama as advisers now have an end-to-end solution to manage all of their clients’ financial needs no matter their product structure.”