Westpac has launched Westpac DataX, a data analytics offering that will “enable faster, data-backed decision making for [their] largest clients.”
Using de-identified credit card data from over six million daily card transactions, Westpac DataX “enables self-serve analytics for our clients so they can embed insights into their day-to-day operations.”
The data will “support the needs of both decision makers and data teams.”
Westpac Institutional Bank Chief Executive, Anthony Miller, said that data insights are the new currency for business growth.
“Westpac DataX takes our client relationships beyond traditional banking and finance to provide tangible insights for clients to optimise logistics, take advantage of market share opportunities or deliver to their growth strategy. For our business and institutional clients, our data insights can help them to deeply understand their market conditions, identify and quantify new growth opportunities, and deliver bespoke products and services to their customers. We’re also proud to have a dedicated public sector offering to support evidence-based policy decisions and nation building projects.”
The firm’s clients reportedly use data in different ways.
Westpac DataX’s team of commercial experts “will partner with clients to identify key gaps and opportunities in their business, and provide the data solutions they need.”
Miller added:
“We know data analytics can enable greater agility and help our clients navigate changing market conditions, including unexpected major events and the evolving needs and behaviours of their customers. But it’s more than just the power of the data itself, it’s about accessing the rich insights and knowing how to embed them in day-to-day operations that aid fast and informed decision making,”
As covered last month, Westpac announced the opening of a new technology engineering hub on the Gold Coast, which will aim to create “up to 200 additional jobs in the state over the next few years.”
The opening will “enable Westpac to expand its technology, engineering, and training capabilities, as the bank ramps up its broader digitization agenda.”
Chris de Bruin, Westpac Chief Executive Consumer & Business Banking, stated:
“The Gold Coast is a globally connected city with one of the fastest-growing economies in Australia, which also offers great lifestyle benefits for people seeking a sea change, The creation of the new tech hub in Surfers Paradise will enable us to expand our technology agenda and attract world class talent, while also creating employment, training, and development opportunities in Queensland.”