Profile Westpac Australia

About Westpac

Westpac is the oldest bank in Australia. It provides consumer, business and institutional banking services along with wealth management, wealth administration and insurance services throughout the Asia Pacific region. The bank has recognized the potential of the Women’s Market for more than 15 years, and Meeting women’s unique needs as customers, employees and leaders has become a key differentiator for Westpac.

The Opportunity

Westpac’s 15 years of research has shown that Australian women have distinct needs when it comes to how they want to be served by their bank. Women tend to require more information before making a purchase decision, tend to be less financially literate and confident, and tend to be less networked. Westpac offers women access to information, education and networking opportunities.

The Program

Westpac’s Women’s Markets program was launched in the late 1990s. The bank’s customer value proposition takes a holistic approach to finance that includes access to information and education, as well as a network of peers and mentors. The Women’s Markets team partners internally with Westpac’s Financial Literacy unit, the Davidson Institute, to provide educational offerings for women. The team also hosts educational seminars and networking events for women. To give its Women’s Markets program its own unique identity, Westpac created the Ruby sub-brand and the online Ruby Connection portal. The interactive community is branded like a lifestyle magazine, making it accessible and appealing to all women – not just existing Westpac customers.

To retain and elevate women at Westpac, the bank offers flexible hours and less formalized work arrangements, as well as mentoring and leadership training for high-potential women. Recognizing that its Women’s Markets program also drives external change, Westpac partnered with the Financial Review to introduce the 100 Women of Influence Award three years ago. The award highlights the contribution and achievements of women in leadership in Australia.

AT A GLANCE

Established in 1817, the Westpac Group was the first bank and company in Australia. The Group has six brands serving 12 million customers.

The Westpac Group is ranked in the top 5 listed companies by market capitalization on the Australian Securities Exchange Limited (ASX), with a market capitalization of AUD$95.5 billion (as of March 31, 2014).

The Westpac Retail and Business Bank (RBB) serves 6.1 million customers across 852 branches and 71 business centers.

In Westpac RBB 2.1 million female primary account holders contribute AUD $1.55 billion in annualized revenue.

THE RESULTS

  • 52

    Member banks, nonprofits, International Finance Institutions and Development Finance Institutions worldwide

  • 135+

    Countries members work in

  • 6

    Member Women’s Market program launches in last 12 months

  • 200+

    Members and other stakeholders convening at the 2017 Annual Summit

“I see becoming the Bank of Choice for Women as a long-term strategy
integral to our core business, not just an add-on.”

Larke Riemer
Director of Women's Markets, Westpac