Westpac Banking Corp (ADR) (NYSE:WBK) has a new development that is expected to give its customers a new experience with the social media messaging apps. The bank’s chief executive George Frazis has been touting its keyboard, which he says be a ‘must have it’ for those who love social media. The Westpac keyboard, which was fintech start-up Paykey will change the lives of many who are into mobile banking; thanks to the new features the likes of twitter, and Facebook messenger.
The Keyboard is one of the biggest developments in Australia
The country has a highly-competitive digital banking space according to Frazis, thus the new development is just timely. The new function will allow customers to switch the regular keyboard into various messaging apps. On return, they will be able to easily transfer money to friends without necessarily having to login into their mobile banking service.
This is a new approach and a first of its kind for the Australia’s oldest bank. Frazis says that they want their customers to make choices about their monies. “We really want customers to be able to access their money in an efficient and convenient way, particularly when they socialize. With SMS and social messaging apps now an everyday part of our lives, it was time to close the gap between social media and mobile banking,” He quotes.
The bank’s focus is on digital transformation
Notably, Westpac has been spending so much on investment in the recent past on technology developments. This is nonetheless worth it given that the world is also revolving around technology enhancement. On the other hand, every customer is seeking for improved productivity and risk management.
The ongoing investment programs by Westpac have enabled digital transformation; for example, customers have a direct connection with the bank’s call centers.
Apparently, the institution says that it is also working on the country’s first wearable payments devices, which will be more or less takes the look of wristbands. They will have an inside chip with a linkage to a nominated debit or credit card. This is expected to give ANZ’s Apple Pay a run for its money because Westpac customers will be able to leave their houses without their wallets and phones.
In the meantime, Westpac’s stock closed at $26.62 after increasing by $0.09 or 0.34%.