Bank chases wealth customers
Westpac’s focus on cross-selling has seen the percentage of its customers with wealth products increase to 23.4%, up from just 17.3% at the beginning of 2011.
Wednesday, February 6th 2013, 10:57AM
The bank said that figure was likely to rise as it focussed on increasing the depth of customer relationships in what it said was a competitive environment. It has launched personalised digital marketing to engage with customers about their specific needs.
It is also looking to forge closer links between the private bank and wealth departments.
The amount of funds under management with the bank was up 33% in 2012.
Westpac reported cash earnings of $361 million in the second half of 2012 and said its net interest margin had increased from 2.6% in the first half of 2011 to 2.73%.
While the bank is focusing on capturing the wealth market, it is increasing efficiency and reducing face-time with customers in other sectors.
Through a focus on mobile banking, smart ATMs and increased efficiency, revenue per average full-time employee has grown from $390,000 in 2011 to $435,000.
ATM deposits are already up 50% this year.
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