Sustainability Performance Report - Fix. Simplify. Perform. 2020 - Westpac
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Sustainability Performance Report 2020 WESTPAC BANKING CORPORATION ABN 33 007 457 141 Fix. Simplify. Perform.
BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
Welcome to our 2020 Sustainability
Performance Report
Through our sustainability materiality assessment process,
we identify the issues and opportunities that matter most
to our stakeholders.
Our 2020 Sustainability Performance Report is structured
around the most material topics and provides information
on our sustainability performance progress over the period.
Please also refer to:
2020 Sustainability Datasheet
— Performance Metrics, Glossary and Definitions
2020 Sustainability Appendix
— Principles for Responsible Banking (PRBs) Reporting
and Self-Assessment Template
— Global Reporting Initiative (GRI) Standards Index
— Sustainability Accounting Standards Board (SASB)
— United Nations Guiding Principles Reporting Framework
Index
— Sustainability Strategy and Reconciliation Action Plan
Scorecards.
These, together with further information about our
approach to sustainability, oversight frameworks, policies,
positions, and performance ratings and benchmarks, can
be found online at westpac.com.au/sustainability
This report aligns with the Global Reporting Initiative
(GRI) Standards (Comprehensive) and the AA1000
AccountAbility Principles Standard (2018). We engaged
an independent external assurance organisation,
PricewaterhouseCoopers, to provide the directors of
Westpac with assurance on selected subject matter within
this report, the 2020 Sustainability Datasheet and 2020
Sustainability Appendix, including the alignment of the
reporting with AA1000 and the GRI.
Westpac’s full annual reporting suite, including
the Annual Report, can be found at
westpac.com.au/2020annualreport
Navigating this report
Read more or refer Case study
to another report for
more information
HELPING THROUGH BUSHFIRES
All figures are for the 12 months ended 30 September 2020, St.George customer Lyn Grey and
comparisons are against results for the 12 months ended Ulladulla Branch Manager Lloyd
30 September 2019, and all dollar amounts are in Australian Pigram at Lyn’s bushfire impacted
property on the NSW South Coast.
dollars, unless otherwise indicated.
ind out about our bushfire
F
Westpac Banking Corporation support on page 17.
ABN 33 007 457 141
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 2
BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
It has been a challenging year – for the bank, our shareholders,
employees, customers and the communities in which we operate.
In this report, we explore some of the ways we are supporting our
customers, people and communities, as well as the significant change
agenda we have underway.
CONTENTS
BUILDING A SUSTAINABLE
FUTURE
Chairman and CEO Letter 4
Westpac at a glance 6
Our strategy 7 Building a simpler, Helping Supporting
THE ISSUES THAT MATTER
stronger bank customers our people and
Our material topics overview 8 communities
Building a simpler, stronger
bank 10
Helping customers 13
Supporting our people
and communities 19
SUSTAINABILITY STRATEGY
2018-2020 sustainability
strategy and progress 27
5 year non-financial summary 29 Fix 11 Responding to COVID-19 14 Our people 20
Climate change 30
Human rights 37 Simplify 12 Our Service Promise 14 Sustainable finance 21
Perform 12 New and simpler products 15 Helping to build stronger,
OTHER INFORMATION more inclusive communities 24
Information security and
Assurance report 40
data privacy 16
Contact details 42
Help in the moments that
matter 17
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BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
CHAIRMAN AND CEO LETTER | WESTPAC AT A GLANCE | OUR STRATEGY
CHAIRMAN AND CEO LETTER
A lot has happened this financial crime function to be
year. With the bushfires, led by a Group Executive that
drought and most recently reports directly to the CEO,
the COVID-19 pandemic, it added risk management skills Supporting customers
has been a time where we and resources and we are through the COVID-19
pandemic and bushfires
have needed to focus on what strengthening our financial
matters most and support our crime management program
customers, our communities including our policies, data
and the broader economy. We systems, processes and
are very proud of the way that controls.
our people have continued Refreshed our Climate
In addition to addressing root
Welcome to our 2020 to show great care for our
causes, we have established
Change and Human Rights
Position Statements and
customers and each other
Sustainability Performance throughout the year’s events.
a Safer Children, Safer 2023 Action Plans
Communities work program
Report, our first as Chairman It has also been a significant to help reduce the human
time of change for us impact of financial crime with
and CEO, respectively. as an organisation. The a particular focus on child
commencement of AUSTRAC safeguarding, guided by Expanded our Indigenous
proceedings in November 2019 experts in human rights, child Connection call centre to
highlighted shortcomings in safety, online safety and law cover all states and
territories
our management of financial enforcement. This year, we
crime risk and underlying established multi-year funding
cultural and operational issues. partnerships with International
We understand the seriousness Justice Mission and Save
of the issues involved and have the Children (Australia), and
sought to share updates on launched a new Impact Grants
investigation findings and the program.
actions we are taking through
We are deeply sorry for what
our AUSTRAC Response
Above from left to right: occurred.
John McFarlane, Chairman Plan. As well as immediate
and Peter King, CEO fixes, we have elevated our
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 4
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CHAIRMAN AND CEO LETTER | WESTPAC AT A GLANCE | OUR STRATEGY
Resetting stakeholders. This year we implement the United Nations It has been a challenging and We are taking
have included more Environment Programme important year and we hope
We are also making far information on our non- Finance Initiative’s Principles that through reading this action to fix our
reaching changes to our financial performance in our for Responsible Banking report you can see some of issues, simplify our
business, with changes at our
Board and executive levels,
Annual Report, with greater (PRBs), these are important the ways that we are taking business and improve
detail available in this report. examples of ways that we can action to fix our issues, simplify
a focus on core banking in seek to achieve more through our business and improve performance.”
Australia and New Zealand, Soon we will be releasing our
working together. performance.
new operating structures updated sustainability strategy
designed for clearer outlining our priorities for the We are very fortunate to have Yours sincerely,
accountability and improved next three years. Listening experts representing many
customer outcomes, a new to stakeholder feedback, it different stakeholder groups
purpose and values to guide is clear that now, more than share their time and insights
cultural change, and improving ever, we need to be helping with us through forums such
the way we manage non- individuals, businesses and the as our Stakeholder Advisory
financial risk and improving our economy as we navigate the Council, Vulnerable Customer John McFarlane
risk culture. period ahead together. As the Council, Indigenous Advisory Chairman
world continues to respond Committee and the Safer
Creating long-term value and recover from the COVID-19 Children, Safer Communities
situation, we recognise the role Roundtable. These insights
For Westpac, being sustainable that we can play to help build a help to inform our approach
is about how we seek to create stronger nation. and allow us to understand
value for our customers, our different stakeholder
We have a big change agenda Peter King
people, our shareholders perspectives. We thank these
ahead, and we look forward CEO
and the broader community individuals for their valuable
over the long-term. As well to continuing to partner and
feedback.
as financial performance, it is collaborate in an effort to
about how we manage non- effect positive change. From
financial risk and address the industry-led Climate
the issues and opportunities Standards Measurement
that matter most to our Initiative, to working with
banks around the world to
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BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
CHAIRMAN AND CEO LETTER | WESTPAC AT A GLANCE | OUR STRATEGY
ABOUT WESTPAC
Founded in 1817, Westpac is Australia’s With our portfolio of brands, we provide customers with a full range of banking
services. We also provide selected insurance, superannuation and wealth platform
first bank and oldest company. services to consumers and businesses.
DIVISION OVERVIEW BRANDS
CONSUMER Serves the banking needs of consumers in Australia including the sales and service
of banking products, from mortgages, credit cards, personal loans and savings to
deposit products. Also works with Business, Westpac Institutional Bank (WIB), and
Specialist Businesses in the sales, service, and referral of certain financial services and
products including general and life insurance, superannuation, platforms, auto lending
and foreign exchange.
BUSINESS Serves the banking needs of small-to-medium businesses and commercial and
agribusiness customers across Australia. Also supports the banking needs of high
net worth individuals in our Private Wealth business.
WESTPAC Delivers a broad range of financial services to commercial, corporate, institutional
INSTITUTIONAL and government customers operating in, and with connections to, Australia and
New Zealand.
BANK
NEW ZEALAND Delivers banking, wealth and insurance services to consumer, business and
institutional customers across New Zealand.
GROUP Includes Treasury, Technology and Core Support, which comprises Group support
functions of Australian banking operations, property services, strategy, finance,
BUSINESSES
risk, compliance, legal, human resources, and customer and corporate relations.
SPECIALIST Brings together the Group’s non-core Australian businesses, including
superannuation, wealth platforms, investments, auto finance, general insurance, life
BUSINESSES
insurance, lenders mortgage insurance, along with our operations in Fiji and Papua Westpac Pacific
New Guinea.
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CHAIRMAN AND CEO LETTER | WESTPAC AT A GLANCE | OUR STRATEGY
OUR STRATEGY HOW WE CAN DELIVER FOR OUR STAKEHOLDERS
OUR WHAT THIS
CUSTOMERS COMMUNITIES
PRIORITIES MEANS
Delivering financial services Supporting local
Addressing our to consumers, businesses communities.
and institutions in Australia
shortcomings by
materially improving our
and New Zealand. — Over $150m in
management of risk and — Trusted with over community investment1
risk culture, reducing $555bn — 1m+ participants in
customer pain points, in customer deposits financial education
completing historical
customer remediation — Supported over
Our strategy supports
our purpose, building Our Fix programs, and reducing
the complexity of our
$693bn in lending
purpose
on our strengths SUPPLIERS
and refocusing where technology.
change is required. EMPLOYEES Choosing suppliers
We have sharpened the responsibly.
Helping
markets and products Creating an environment
in which we operate, Australians and where the best people — Procured goods and
returning to banking, New Zealanders Returning to our core want to work. services worth $6.5bn
and our home markets
succeed. businesses of banking with $5.9m in spend
of Australia and New — 40,225
Zealand leveraging in Australia and New employees towards Indigenous-owned
our portfolio of brands. Zealand, including businesses
exiting some businesses
Our three priorities — Delivering on our 2023
recognise our need and international SHAREHOLDERS
locations. Rationalising Human Rights Action Plan
to address our
and working to eliminate
shortcomings,
reshape the business Our Simplify
products and simplifying
processes to make it
Generating appropriate
returns over the
risk of modern slavery
to concentrate on our
core businesses and focus easier for customers.
long-term.
across our business
operations and supply
markets, while lifting — Our strong balance chain
service and creating a Banking for
sheet positions us to
stronger performance Australian and
manage the downturn
ethic. This will help us New Zealand
to become a simpler, consumers, and deliver long term THE
shareholder value ENVIRONMENT
stronger bank. businesses and Improving performance
institutional by building customer
customers. Supporting the transition
loyalty and growth to a climate resilient
THE ECONOMY
through service, future.
sharpening our focus
on returns, and resetting Supporting the financial — $10.1bn lending to
our cost base. A strong system. climate change solutions
balance sheet and
Perform engaged workforce
Banks play an important
role in supporting the
— Climate Change Position
Statement and 2023
form the foundations economy through lending, Action Plan
of performance. deposits and the efficient
flow of funds.
1 Excludes commercial sponsorships.
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THE ISSUES THAT MATTER
Our
Material
Issues
Every year, through our sustainability materiality assessment
process, we identify the opportunities and challenges relating
to our business that matter most to our stakeholders, now and
into the future.
Our 2020 sustainability materiality assessment used an expanded set of data and
insights from customers, investors, suppliers, non-government organisations,
employees and senior management.
We also drew on insights from our:
— Westpac Stakeholder Advisory Council;
— Vulnerable Customer Council;
— Westpac Indigenous Advisory Committee; and
— Safer Children, Safer Communities Roundtable.
This year, Conduct and culture remained our most material sustainability topic,
driven by significant matters including AUSTRAC’s proceedings. Customer safety
and access, Workforce wellbeing and talent retention and Financial performance
were also prominent topics for both Westpac and our stakeholders in light of major
events such as the Australian bushfires and COVID-19. Climate change and Human
rights were also key areas of engagement as we developed our updated Position
Statements and Action Plans.
Our approach to identifying our material sustainability topics is aligned to the Global
Reporting Initiative (GRI) Standards (2016)1 and the AA1000 AccountAbility
Principles Standard (2018)2, and supports our assessment of impacts as required by
the Principles for Responsible Banking.
1 GRI Index can be found in our 2020 Sustainability Appendix.
2 See Assurance report on page 40.
The following pages explore the ways that we are addressing these challenges and opportunities.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 8
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BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
THE ISSUES THAT MATTER
Our Material Issues
Through our sustainability materiality assessment
process, we identify the opportunities and challenges
relating to our business that matter most to our
stakeholders, now and into the future.
Supporting
Building a simpler, Helping our people and
stronger bank customers communities
2020 MATERIAL SUSTAINABILITY TOPICS 2020 MATERIAL SUSTAINABILITY TOPICS 2020 MATERIAL SUSTAINABILITY TOPICS
Conduct Poor conduct has eroded public trust GRI1 Customer Customers want banking to be easier, GRI Workforce Maintaining a safe, flexible and supportive GRI
and culture in Westpac and the financial services 419-1 satisfaction simpler and more efficient. At the 417 wellbeing workplace helps us attract, retain and 401, 404,
sector. In response, we have plans in and experience same time, customer needs are and talent develop our people. 405
place designed to strengthen our becoming more complex. retention
culture, and improve our processes
to deliver better customer outcomes.
Governance We have enhanced our governance GRI Customer Our ability to support customers GRI Climate As a major financial institution, we have an GRI
and risk this year and are building a stronger 201, 205 vulnerability in times of hardship and anticipate 413, 417 change important role to play in managing the risks 201
management risk management capability. This and hardship when they are vulnerable allows us risks and and opportunities of climate change.
change is critical to the reputation to help when it matters most. opportunities
and financial strength of the Group.
Financial Delivering sound financial GRI Customer safety Maintaining an environment GRI Supporting As an integral service provider in the GRI
performance performance and a strong balance 201 and access where customers can safely and 413 communities communities in which we operate, we 413
sheet underpins our ability to conveniently access our products in need support those in need including in times of
support customers, the economy and services. emergency and recovery. We also support
and the Group’s long-term success. initiatives that address complex societal
and economic issues.
Changing Supervision and regulation in the GRI Digital product Digitisation creates opportunities to GRI Human rights We seek to positively impact human rights GRI
regulatory financial services sector continue to 417, 419 and service improve efficiency and deliver new 413 business risk in our value chain through our role as an 405, 412,
landscape evolve, creating change and complexity transformation and improved services where, how employer in fostering inclusion and diversity, 418
in how we operate. and when customers choose. our lending, understanding our role in
supporting Indigenous communities, our
investments in funds, and through our
supply chain.
Information Maintaining confidentiality and the GRI
KEY
Sustainability Accounting Standards Board (SASB)
security and security of our systems and data is 418
data privacy paramount in retaining the trust and Leadership and Governance Business model and innovation
confidence of our stakeholders. Social Capital Environment
Human Capital
Task Force on Climate-related Financial Disclosures
1 GRI refers to the corresponding Global Reporting Initiative (GRI) Standard (2016).
TCFD
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THE ISSUES THAT MATTER
Building a simpler,
stronger bank
We have a significant change agenda
underway, focused around three priorities,
fix, simplify and perform.
For more information on the topics
covered in this section, including financial
performance, an overview of the AUSTRAC
proceedings, and our approach to corporate
governance, see our 2020 Annual Report.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 10BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
governance and accountability understand they all have a which will become the consumer bank’s
frameworks and practices and role in managing risk and central product onboarding platform.
highlighted that important driving clearer accountability At the same time, we have sought to
aspects of Westpac’s non- and decision-making. ensure our customer interface has kept
financial risk culture have been pace with customer demands. This
Fix
To improve our risk culture,
‘immature and reactive’. program has strengthened the stability,
The AUSTRAC We are focused on addressing
this year we have established
a new risk culture framework
speed and security of our systems and
proceedings have these shortcomings, including to better define risk roles and
helped ensure the bank remained open
for business through the COVID-19
Addressing our shortcomings through a program called responsibilities, updated our
become a catalyst by materially improving our Customer Outcomes and Risk Code of Conduct reinforcing
pandemic and support customers via
digital channels.
for change at management of risk and risk
culture, reducing customer
Excellence (CORE). CORE is a
comprehensive, Group-wide
the importance of speaking
up and the use of the Should In 2020 we developed a detailed
Westpac.” pain points, completing transformation program that We test, and commenced technology roadmap for the next phase
our historical customer is designed to improve non- the roll-out of a Group-wide of our transformation to build a single,
remediation programs and financial risk oversight, lift risk Risk Fundamentals training multi-brand operating environment.
The issues highlighted by the reducing the complexity of culture and strengthen our risk program.
AUSTRAC proceedings deeply our technology. management framework.
disappointed shareholders, Remediating customers
customers, and the community, What this involves: The program has 14 streams of
work under three categories: We continue to review our
as well as Westpac employees. — Risk management
products, processes and
Together with the immediate — Culture, including risk – direction and tone set by policies where we have not got REDUCING CUSTOMER PAIN POINTS
actions outlined in our AUSTRAC culture Board and Group Executive - it right for customers. Where
Response Plan, we have a initiatives that set clear tone Over the past two years, we have
— Customer remediation problems have been identified,
significant change agenda and direction from leadership made significant changes to the
— Reducing IT complexity we have committed to fix them management of customer complaints,
underway. to promote a proactive risk and refund customers. Over both in terms of our processes and by
— Reducing customer pain culture; $640 million in remediation identifying and addressing root cause
points
– clear risk boundaries for payments have now been made issues that lead to complaints.
decision-making - simplifying for approximately 2.7 million
In July 2020, we announced the Initiatives include complaints skilling
risk management frameworks customer accounts.
findings of our reassessment sessions for bankers with a focus
of our Culture, Governance and increasing capability and on first point resolution, an updated
resources in the Risk function; Redoubling our efforts to
and Accountability (CGA) Complaints Management Standard
and remove IT complexity
6.5 days Program which was undertaken and continuing to make information
in response to a request from We started a program to on how to make a complaint easier
– accountable and empowered
APRA. The reassessment found reduce complexity some years to find. We have also rolled out
average time to resolution people - providing additional
that important shortcomings ago, which prioritised the a new complaints management
for complaints1, compared to training and support for
upgrade of our technology system to help improve the customer
9 days in 2019 remain in Westpac’s culture, employees to help them
infrastructure while experience and for better compliance
commencing the development and reporting.
of our customer service hub,
1 Group Internal Dispute Resolution complaints excluding WIB complaints.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 11BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
We are clear on Simplify Perform
the locations, Returning to our core to hold the businesses that we Improving performance by Financial performance
markets, and businesses of banking in
Australia and New Zealand,
do not view ourselves as the
long-term owners of, and are
building customer loyalty
and growth through service, For the full year 2020, Westpac
businesses in including exiting some consolidating our international sharpening our focus on Group reported profit was
$2,290 million, down 66%,
businesses and international operations to focus on the returns, and resetting our
which we operate” locations. Rationalising areas where we can best cost base. A strong balance and cash earnings of $2,608
million. Much of the decline
products and simplifying support customers. sheet and engaged workforce
processes to make it easier for form the foundation of resulted from our operating
For greater accountability environment, where we faced
customers to bank with us. performance.
for end-to-end performance lower margins and higher
What this involves: we are moving to a Lines of What this involves: impairment charges – a direct
— Exiting non-core businesses Business operating model. — Customer service – market result of COVID-19. However,
and consolidating Under this model, each line leading the poor result was also due
international locations (a major customer offering) to higher costs related to the
— Mortgage growth
has end-to-end responsibility AUSTRAC proceedings along
— Rationalising products — Enhancing returns,
for that business. For example, with asset write-downs from
— Implementing Lines of in our Mortgages Line of optimising capital businesses we plan to exit.
Business operating model Business a Managing Director — Strong balance sheet
inspired to keep it is responsible for the entire Nevertheless, our balance sheet
— Transforming using digital — Re-setting cost base
simple and easy
mortgage process from remained strong. Our capital
and data
origination, pricing, credit The following Helping ratios are in the top quartile of
Our focus is providing customers assessment and service. customers chapter outlines banks globally and funding and
in Australia and New Zealand some of the many ways liquidity ratios are comfortably
with a full range of banking Across our product line we that we are supporting our ahead of regulatory minimums.
services through our portfolio of continue to streamline our customers, particularly
brands. offerings, with initiatives to throughout the challenges
migrate customers to newer of the last year’s events and
To reduce complexity and help and more flexible products,
us become a simpler, stronger COVID-19. Restoring mortgage
as well as using digital to growth is a key priority.
bank, we have established a new automate processes.
Specialist Businesses division
Restoring mortgage
growth is a key priority
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 12BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
THE ISSUES THAT MATTER
Helping
customers
This year we defined our new company
purpose: helping Australians and
New Zealanders succeed.
Success means something different for
every customer, and that meaning can
change over time. We want to be there
for our customers – helping them to build
their financial future and providing extra
support when it’s needed most.
2020 SNAPSHOT
14.1m
customers
$555bn
in customer deposits
75,367
financial assistance
$693bn
in lending
packages for customers
facing financial hardship
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 13BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
Responding Our Service
to COVID-19 Promise Great conversations
With banking an essential Customer needs continue to get more
create great service. It’s
SUPPORTING CUSTOMERS
service, our teams are working complex, while customers want banking service with a purpose.”
hard to support customers, AROUND to be simpler, smarter and smoother.
175,000
ROSS MILLER, CHIEF CUSTOMER
communities and the broader Our job is to make the customer ENGAGEMENT OFFICER
economy throughout the experience as seamless as possible
COVID-19 pandemic. mortgage deferral packages
when, how and where customers choose
to engage with us.
Initially our focus was on
protecting our people and AROUND For our bankers, having conversations
40,000
customers while remaining with customers and taking the time to
open for business and providing understand their situation and financial CARE, LISTEN, ACT
a range of customer support goals is key to providing great customer A couple with a newborn found a home they
deferrals for businesses
packages such as mortgage and service. wanted to buy, but only had 15% of the necessary
business loan deferrals. deposit saved.
While we retained our number one Net
AROUND
Now our focus has shifted to Promoter Score1 ranking in Business A colleague recommended they meet with St.George
working with customers who
need more individual support.
We encourage any customer
220,000
early release superannuation
banking against the other major
Australian banks this year2, we are
number three in Consumer banking3.
Lending Manager Jewel Zhang, and by listening to
understand their situation, Jewel was able to identify
a number of ways to help them purchase the home.
experiencing financial hardship to applications paid We remain focused on improving our With our $1 Lenders Mortgage Insurance (LMI) offer,
contact us early so we can assist customer service and, where we haven’t available to first home buyers borrowing up to 85 per
them with tailoring support for MORE THAN got it right, putting in place appropriate cent of the property value4, the couple could purchase
90%
their individual circumstances. remediation, improving our customer the home without having to continue to save for
complaint handling processes and another two years, as well as saving on LMI costs.
addressing the root cause issues that
of branch network remained open Additionally, when Jewel learned that the mother
lead to complaints. would be returning to work full-time, she was able to
acknowledge the mother’s back to work income as
$200
Increased limit for ‘tap and go’
1 Net Promoter Score measures the net likelihood of
recommendation to others of the customer’s main
part of the new home loan application.
Taking the time to understand the situation, along
financial institution for retail or business banking. Net with our range of products and policies, helped the
contactless card purchases to $200
Promoter ScoreSM is a trademark of Bain & Co Inc., couple secure the home.
SatmetrixSystems, Inc., and Mr Frederick Reichheld.
2 Source: DBM Consultants Business Atlas, March -
August 2020, 6MMA. MFI customers, all businesses. 4 LMI is usually required where financing exceeds 80% of the property
3 Source: DBM Consultants Consumer Atlas, March - value. Full product information and T&Cs available on the St.George
August 2020, 6MMA. MFI Westpac Group customers. website.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 14BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
New and With 80% of digital customers
using their phone for banking,
To support small and medium
businesses, we are proactively
simpler we are rolling out a new
Westpac personal banking
contacting customers who we
believe would benefit from
products app. The app is designed to be
faster and easier to use, with
activating Merchant Choice
Routing for least cost payment
more intuitive navigation and routing. Westpac Business
To help reduce pain points quicker payments. Advance, a new digital
and deliver better customer unsecured business lending
experiences, we have Apple Pay is now available for
product, provides an easy
introduced new and simpler Westpac, St.George, BankSA
online application and rapid
products and streamlined our and Bank of Melbourne
credit decision allowing existing
product offerings. customers, while our Instant
eligible customers to apply for
Digital Card provides
To improve the home loans of up to $75,000.
customers with a digital version
ownership experience, we of their credit or debit card BRINGING 1,000 JOBS BACK
now have digital tools to help via the Westpac Live mobile TO AUSTRALIA
customers prepare for their banking app – particularly
first home loan appointment, DIGITALLY ACTIVE AroundHEADING
1,000 jobsTOwill be brought
Our new personal banking app helpful for when cards are CUSTOMERS
upload documents, accept a back toGO HERE from overseas,
Australia
lost, stolen or forgotten. (million) (%) a large increase in demand
following
loan offer in one click and track
their application via online Our BT Panorama mobile 5.8 5.9 for customer assistance following
5.6 the start of COVID-19. With strict
banking through to settlement, app received the highest user 5.3
ratings from advisers surveyed lockdowns impacting our offshore
with reminders and alerts. 4.9
in the Investment Trends partners, we were limited in how
We have introduced a new
bonus savings rate offer
Planner Technology Report
for the third year in a row.
25%
quickly we could process certain
requests creating delays for customers.
LOREM IPSUM
to help young Australians The new roles will support home,
save for their first home, To help customers remotely, personal and business lending and
and our supplementary we can now verify customer assist customers in financial difficulty.
Emergency Services Credit identity via video technology,
Policy allows permanent and in New South Wales and
front-line emergency services Victoria, customers can ‘e-sign’ OCCULLA AUT FACCU
home loan documents. PTATUR ACIUM QUATURE
workers to have 100% of their 16 17 18 19 20
RNATIO EATEM TORRUM
overtime and allowances
assessed as part of their
home loan application.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 15BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
Information To help customers avoid
scams, we have introduced
security and the Security Wellbeing Check
within the Westpac App, hosted
$29m
recovered for
data privacy scam awareness seminars in
communities across Australia
and distributed more than 8,000
customers in lost Keeping customer data and copies of the ACCC Little Black
funds from scams accounts safe is a priority Book of Scams.
and we continue to strengthen We also released a Financial
our systems and educate Abuse Support Guide to help
our community. protect those who might be
more vulnerable to fraud or
Protecting customers scam-related activity.
from scams
The latest ACCC Targeting Fraud protection
Scams Report found Australians We provide 24/7 fraud
reported more than 336,000 protection monitoring for
scams last year with a loss of irregular and suspicious
over $634 million. There has also
activities. Our Westpac
been a spike in scams since the
Fraud Money Back and
start of COVID-19.
Online Transaction Security
We have introduced new scam Guarantees provide SCAM PROTECTION IN ACTION
detection technology that sends reassurance that customers will
branch employees real-time John and Valerie were approached by scammers who claimed they were
be reimbursed in the event of
alerts as payments are being calling in relation to the NBN and said someone was trying to hack into their
unauthorised transactions.1
processed where suspicious phone line. John and Valerie were kept on the line for a few hours, with the
transactions are identified, scammers asking them to ‘check this and that’.
allowing them to be investigated At one point they were asked to download files onto their computer, which
on the spot. then allowed the scammers to create a backdoor into their computer and
Our specialised Scam Assist team attempt to transfer funds from their credit card.
supports scam detection and Fortunately, Westpac’s security system recognised the transfer as
prevention for customers, while potentially malicious and immediately blocked the customers’ internet
our branch teams have received banking access, preventing any financial loss for the customer. Realising
enhanced scam training. that something was wrong, John and Valerie also called the branch and
were advised to hang up the call with the scammers.
1 Subject to applicable terms and conditions.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 16BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
Treating data with care — introducing technology
to prevent some types Help in the — Offered an interest
adjustment/discount for
Protecting the personal
data of our customers
of sensitive data from
being released out of moments that customers with a Farm
Management Deposit to
and employees, as well as
our confidential business
information is a priority across
the organisation without
appropriate protection;
matter offset eligible business loans.
Bushfires
~1,980
disaster relief packages
our organisation. — implementing file sharing This year, many customers to help customers impacted
— Provided $3.83 million in
technology to simplify and have endured the impacts by bushfire
Our Privacy and Information emergency cash grants
improve the secure sharing of prolonged drought and
Security teams are responsible to consumer and business
of data with third parties devastating bushfires.
for setting policy and customers
and customers;
standards in accordance Our Financial Recovery Hub — Provided around 1,980
— implementing a tool that
with our risk management provides customers with disaster relief packages to
helps our people classify
framework and with privacy financial resources and tools help customers manage
their emails and files to
laws and regulations. We have to help get them back on track their finances, including
improve data handling;
processes in place designed following a crisis. Tailored assisting with alternative
to monitor for existing and — new training to increase support packages this year arrangements such as
new privacy risks and we are employee understanding included: repayment deferrals
taking steps to continue to of our privacy obligations
Drought — Received 603 home and
strengthen our privacy and when handling personal
contents insurance claims,
data protection approach. data; and — Extended our ongoing with total claims from
— strengthening data breach support to customers under bushfires currently estimated
Current areas of focus include: awareness and response a new Drought Assistance at over $37 million
— adapting our processes for processes. Package
the increased number of — Donated over $1.4 million
— A $100 million fund to to community groups and
employees working from provide carry-on finance
home; charities, including Financial
loans of up to $1 million to Counselling Australia, State-
— simplifying our website existing eligible Westpac based volunteer fire services
privacy policy to make it agribusiness customers at a and the Foundation for
easier for customers to heavily discounted variable Rural and Regional Renewal
understand how we handle interest rate (FRRR)
their personal data; — Option to defer principal — Supported customers,
and interest repayments on communities and employees
existing business term loans by providing relief staff
and equipment finance for to selected branches and
up to 12 months mobile banking solutions
across affected regions.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 17BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
Helping those in need We also offered support for banking needs including access
of extra care elderly customers and people to cards or cash, establishing
MAKING COMPASSIONATE SERVICE
experiencing vulnerability to telephone and internet banking
AN INDUSTRY PRIORITY Many of us will become get started with contactless and resolving issues with scams The [Yuri Ingkarninthi
Loss of a loved one is a difficult vulnerable at some point in our banking due to COVID-19 and fraud.
time and can feel overwhelming. A lives and need extra help or Indigenous Connection]
restrictions.
new Australian Death Notification care. We continue to improve With our program of remote team at Westpac
To assist individuals visits paused due to COVID-19,
Service (ADNS) initiative, developed support for customers in these
experiencing a problem with the Remote Services team
treats clients with the
in collaboration between the NSW circumstances.
Government, Westpac and other gambling, our gambling extended its phone, email respect, dignity and
This year our specialist teams
major banks, will allow the next of preference opt-out option and video support. The team understanding that
kin or representative to provide a supported more than 24,000 allows customers to block also proactively connected
verified notice of death to multiple customers experiencing transactions with merchants with other service providers
they deserve, and show
organisations in a single transaction, vulnerability and issued over we can identify as gambling in remote communities to grace and patience
75,300 financial assistance
saving them time and the burden of merchants on our consumer understand the evolving when supporting
repeating their story. packages for customers facing credit cards and some challenges faced by customers
financial hardship. debit cards. and increase awareness
people that have
We developed an enterprise- of the services offered by limited interactions
wide standard to help our Remote services banking the Indigenous Connection with electronic support
call centre.
people support customers
Westpac Remote Services services.”
in vulnerable circumstances,
supports Aboriginal and Torres
and a Family or Domestic BRENTON NIEMZ,
Strait Islander customers in
Violence Position Statement to REGIONAL MANAGER, FAR WEST
remote communities who may
outline the principles we apply COAST SA, AUSTRALIAN RED CROSS
face geographic, language and
when providing extra care to
cultural barriers to accessing
affected customers.
financial services.
To assist customers and
First piloted in 2018, this year
their families going through
we expanded Yuri Ingkarninthi,
challenging circumstances,
our Indigenous Connection call
we provide education toolkits
centre, to cover customers in
and resources on areas such
all States and Territories. More
as loss of a loved one, divorce
than 18,000 conversations were
or separation, and elder
held with over 5,000 customers
financial abuse.
to support a variety of remote
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 18BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
THE ISSUES THAT MATTER
Supporting
our people and
communities
As one of Australia’s largest companies and
banks, we can help support the social, economic
and environmental wellbeing of Australia and
New Zealand.
We can do this as an employer, through the financing
decisions that we make and through the role we play
in supporting local communities.
2020 SNAPSHOT
40,225
employees (headcount)
$150m+
in community investment1
$10.1bn
lending to climate change
719
jobs2 created by Westpac Foundation3-
solutions backed social enterprises
Westpac Foundation has
1 Excludes commercial sponsorships. awarded $300,000 over
2 Jobs created through the Westpac Foundation job creation grants to social enterprises are three years to Soft Landing,
for the year ended 30 June 2020. a national social enterprise
3 Westpac Foundation is administered by Westpac Community Limited (ABN 34 086 862 795) that diverts end-of-life
as trustee for Westpac Community Trust (ABN 53 265 036 982). The Westpac Community mattresses from landfill and
Trust is a Public Ancillary Fund, endorsed by the ATO as a Deductible Gift Recipient. None of creates stable and meaningful
Westpac Foundation, Westpac Community Trust Limited nor the Westpac Community Trust jobs for people experiencing
are part of Westpac Group. Westpac provides administrative support, skilled volunteering, barriers to employment.
donations and funding for operational costs of Westpac Foundation. Find out more about Westpac
Foundation on page 26.
Please see page 30 for more detail on climate change
and page 37 for human rights.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 19BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
Our people COVID-19 has increased the
need for mental wellbeing
The huddles explore our values
to provide clarity on expected
support. In response, we behaviours in everyday
Our priority through COVID-19 have introduced new tools situations and help to build
9.4% has been to protect our
people while remaining open
and resources to support
employees’ health and
wellbeing, including for parents
our culture of service and
performance.
of employees using Employee for business so we can support Our employee commitment
Access Program for confidential customers, communities and and carers balancing home
index1 increased to 73%,
counselling and coaching
the Australian economy. and work commitments, and
from 72% at the end of FY19.
for employees exposed to the
We have implemented a broad After a downturn following
increased risk of domestic
20,000+ range of measures to protect the AUSTRAC proceedings,
and family violence. During
the health and wellbeing of employee engagement
the bushfire crisis earlier
employees. This includes strengthened over the year
employees transitioned to in the year, we provided
enhanced corporate cleaning as we supported customers
working from home targeted solutions for our most
of our sites, personal protective and communities during the WELLBEING PODCAST SERIES
impacted customer support
equipment, temperature bushfire crisis and COVID-19. Westpac Chief Mental Health Officer
teams and wellbeing checks for
In addition, the changes we
73% checks in larger sites and employees in bushfire regions. Dave Burroughs’ Wellbeing podcast
installation of polycarbonate are making to our business are series is helping employees stay
protective screens in branches. A focus of our mental health helping to address our people’s connected and focused on their
employee commitment index1 strategy has been enhancing feedback. wellbeing during a period of change
Where possible, we leadership capability, and uncertainty. Dave shares practical
transitioned to remote working, with 2,250 people leaders Building skills for the advice from his 20-year career
with more than 20,000 completing training in early future as a psychologist, with episodes
employees working from home intervention, prevention of ranging from coping with isolation to
and special leave provisions mental ill-health, and the To help our people continue to managing your financial wellbeing.
introduced to address illness, importance of supportive develop their skills, we provide
self-isolation and changed leadership behaviour. a range of structured and self-
childcare responsibilities. paced learning experiences,
including virtual coaching
With a large increase in Our Service Promise
support to help bankers have
demand for customer Weekly ‘huddles’ where great customer conversations
assistance through online employees come together to and deepen relationships.
channels and telephone, we share great examples of service
had to quickly increase staffing We have also partnered with
and areas where we need to
in our contact centre and leading universities to offer
change remain an important
operations teams. employees a range of micro-
part of our operating rhythm.
credentials in transferrable
skills such as risk, lending
and service.
1 Six-month rolling average.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 20BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
Creating a diverse,
inclusive culture
This year we welcomed 115
new-to-bank Aboriginal or
— ABLE – focused on disability
and accessibility inclusion; Sustainable finance
Torres Strait Islander hires and — Amplify – for employees
Recognising and embracing increased the regional footprint over 50; Many corporate and institutional customers are moving towards
the diversity of our people of our Aboriginal and Torres
helps us to create an inclusive — Brothers & Sisters – more sustainable business models. We offer a broad range of
Strait Islander traineeship sustainable finance products and services to support them.
culture where employees feel supporting our Aboriginal
program, which provides paid
they belong, are encouraged and Torres Strait Islander
full-time or school-based
to bring new ideas and community; Sustainable lending
traineeships to build experience
understand the diversity of in the financial services industry. — Cultural Diversity Leadership An Economist Intelligence Unit report2, sponsored by Westpac
the communities we serve. – elevating cultural diversity and released in February, found 68% of investors plan to increase
We have launched the second in our leadership; their allocation of funds in sustainable investments over the next
We have maintained 50% intake of our Tailored Talent
— Domestic and Family 12 months, with renewables and energy efficiency leading the way.
Women in Leadership1 roles program, designed to overcome
overall and are focused on Violence – raising awareness This year, our sustainable lending focused on supporting positive
hiring barriers for people on the
growing diversity in our and support for people social outcomes amidst the economic and social impacts of COVID-19
autism spectrum. The program
leadership pipelines for the impacted by Domestic and and continuing to support the transition to a low carbon economy.
was recognised with the 2020
most senior levels of the Family Violence;
Aspect Advancement Award Globally, social finance increased more than four times over the six
organisation through dedicated from Autism Australia. — GLOBAL – focused on
leadership programs. months to end June compared to the prior year.
LGBTIQ inclusion;
Our Employee Action Groups Westpac continued to be the largest financier to greenfield renewable
A new Cultural Diversity — Pro Bono Volunteering
bring together communities of energy projects in Australia, funding 13 projects over three years with
Leadership Shadowing – connecting employees
employees with shared interests capacity to support more than 1.2 million households.
Program enables employees with skilled volunteering
who are passionate about
from a wide range of ethnic opportunities; There is continued demand for green loans, as well as sustainability-
growing our inclusive culture
backgrounds to be partnered and promoting awareness of — The Youth Network – for linked loans, which incentivise and reward borrowers for meeting
with a senior leader to issues and opportunities. With employees under 35; pre-determined sustainability targets. Transactions this year
learn from their leadership over 10,000 members, our — Veterans – supporting include:
experiences. 210 employees EAGs include: current and former Defence — Coriance secured a 100 million sustainability-linked loan aligned
participated in this first year of members and their partners; with three targets key to its core business and cost of funds;
the program. and — Westpac NZ and Contact Energy entered into a $50 million,
— Women of Westpac – four-year sustainability-linked loan facility, one of the first of
empowering women. its kind in New Zealand. The loan’s incentive targets align with
continual improvement in Contact Energy’s Environmental Social
and Governance (ESG) performance, including assessment
of its climate strategy, electricity generation mix, corporate
governance and stakeholder engagement;
1 Women in Leadership refers to the proportion of women (permanent and maximum term) in leadership roles across the Group. It
includes the CEO, Group Executives, General Managers, senior leaders with significant influence on business outcomes (direct reports
to General Managers and their direct reports) large (3+) team people leaders three levels below General Manager, and Bank Managers
and Assistant Bank Managers. 2 www.westpac.com.au/corporate-banking/westpaciq/financing-sustainability-report
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 21BUILDING A SUSTAINABLE FUTURE THE ISSUES THAT MATTER SUSTAINABILITY STRATEGY OTHER INFORMATION
BUILDING A SIMPLER, STRONGER BANK | HELPING CUSTOMERS | SUPPORTING OUR PEOPLE AND COMMUNITIES
— Genex secured $192 million solar installations at three Responsible Investment (PRI), In addition to providing
of funding for their Jemalong research centres run by the reflecting our long-term customers access to ESG
Solar Project and the NSW Department of Planning, commitment to leadership in tools through our Panorama
refinancing of the existing Industry & Environment (DPIE) this space. investment platform, BT
#1
debt facility for the Kidston in partnership with Verdia. launched new resources to
Our refreshed BT Sustainability
Solar One Project. The senior help advisers and their clients
During the year, we updated Framework outlines how we
facility has been verified understand their options for
largest financier to greenfield our Sustainability Risk embed sustainability and
renewable energy projects1 in as a Green Loan, the first considering or prioritising
Management Framework and ESG considerations in our
Australia for past three years globally to be certified under sustainability investments.
ESG Credit Policy, developed investment process and enable
the updated Climate Bonds
tools to support bankers our members and investors to BT continues to disclose its
Standards v3.0. The loan
when considering ESG risks, make informed choices about approach to climate change
$10.1bn is also the largest Certified
Green Loan by an Australian
renewable energy group; and
and enhanced our position
statements including on
our products and services.
For investments we manage
across our wealth management
business, in alignment with the
lending to climate change climate and human rights. recommendations of the FSB
solutions — Westpac NZ helped Meridian internally, we launched our
Regulators across multiple Task Force on Climate-related
Energy launch its Green new BT Sustainable Investment
jurisdictions, including APRA Financial Disclosures (TCFD).
Finance Programme. All Policy. This outlines how BT
and ASIC, continue to advance
75% Meridian’s $1.8 billion debt approaches sustainability
their agenda on climate risks,
instruments are covered by when investing on behalf of
and it remains an area of
the programme, including customers, including members
renewable energy represents interest for investors.
75% of our lending to the a dedicated pool of eligible of the default MySuper
electricity sector wind and hydroelectricity Lifestage funds available
Sustainable investment through our retail and corporate
projects and assets. The
programme has been Through our wealth superannuation funds.
independently reviewed and management business, BT,
This year we received
verified by DNV GL Business we continue to develop and
SuperRatings’ Infinity
Assurance Australia. expand our approach to
recognition across both FIRST GREEN LOAN IN
sustainable investment. SUPERANNUATION
We have continued our strong BT Super and BT Super for
partnership with government, BT maintained its A+ rating Life, in recognition of industry- This year, we launched Australia’s
scoping and delivering bespoke for its sustainable investment leading sustainable behaviour first green loan developed for the
energy options for the NSW strategy and governance and a genuine commitment superannuation sector. Working
Government. This includes through the Principles for to responsible investment closely with Local Government
principles. Super, the $65 million green loan was
structured by determining which of
the buildings in its Local Government
Property Fund meet international
standards for green buildings set by
the Climate Bonds Initiative.
1 IJGlobal, September 2020.
WESTPAC GROUP 2020 SUSTAINABILITY PERFORMANCE REPORT | 22You can also read
