Project Management

Australian Bank Upgraded Technology And Reduced Mortgage Processing Cost

Date Added: Jan 2010
Format: PDF

Westpac, one of Australia's leading banks, with more than AU $250 billion in revenue, faced competitive pressure from third-party companies threatening its share of the Australian mortgage market. In order to maintain and grow market share, Westpac wanted to reduce its back-office costs for mortgage processing as well as improve customer service and processing turnaround time. However, the bank's paper-based processes and inability to use the latest technology solutions for handling workflow hampered its ability to achieve this vision. Westpac selected HP to transform the business and develop a mortgage process utility to deliver scale and value. Today, HP processes and services Westpac's mortgage portfolio of about 700,000 accounts. Customers now receive documents more quickly than before.