Westpac

Overview.

The objective of this strategy case was to recommend Westpac ways they could prepare for the rise of Artificial Intelligence (AI) in the Banking Industry. Through our research, we recommended that they redesign their App's UI and implement a Financial Coach for millenials. After enjoying our presentation, Westpac launched Westpac Wendy in March 2020, their latest AI recruit, heavily based on our recommendation.

Solution.

Discovering through our research that Westpac's customer satisfaction in regards to their banking app was the lowest within the big four banks, we recommended the redesign of the UI and implementation of a financial coach in the long term as millenials often have trouble budgeting and saving money.
Examples of the improved Westpac Banking App have been included below:

Result.

After developing and presenting the idea of an AI ChatBot to them, Westpac showed great interest in the idea and recently launched their AI ChatBot - Westpac Wendy.

Reflections.

Given that the scope of the project was really broad, we initially had trouble pinpointing which approach to take or which niche subproblem to target. Through extensive research on banking trends, how competitors approached the rise of AI in the Banking Industry and looking at what startups were targetting, we were able to formulate our recommendation. Also, as everyone within the group was from different disciplines, I learnt to work with team members with different toolkits and learnt to understand the importance of compromise.