When Westpac Banking Corporation was founded in 1817 in a small waterfront settlement in Australia, banking was rudimentary. Records were kept with quill pens in leather-bound ledgers: Pounds, shillings, and pence into the cashbox; pounds, shillings, and pence out. (Until a cashier ran off with half the fledgling bank’s capital in 1821, that is.)
Now, exactly 200 years after Westpac’s parent company opened its doors, it’s not only the oldest bank in Australia but the second-largest, with 13 million customers worldwide and over A$812 billion under management. Every year it does more and more business in China, Hong Kong, and other Asia-Pacific nations.
The downside to this expansion is: More forms to fill out – managing the electronic and physical flow of cash across national borders is highly regulated, requiring prompt and detailed reports of transactions, delivered in different formats for each country and agency that oversees various aspects of Westpac’s business.
These reports require information from multiple sources throughout the company. Until recently, pulling out and consolidating all these complex pieces of data was a manual, slow, labor-intensive process that often generated data errors, according to Craig Chu, Westpac’s CIO for Asia. The bank knew there had to be a better way to meet its regulatory requirements – but one that wouldn’t create its own new IT burden.
A successful proof of concept led to Westpac adopting an information management and reporting solution from OpenText™ Analytics.
To hear Chu explain how Westpac streamlined and automated its reporting process with OpenText™ iHub and Big Data Analytics, and all the benefits his company has realized, check out this short video showcasing this success story. (Spoiler alert: Self-service information access empowers customers and employees.)
If you’d like to learn more about what the OpenText Analytics Suite could do for your organization, click here.