Bankwest’s future focus will be on meeting the needs of retail customers through new technology investment and the transition of Bankwest Business customers to Commonwealth Bank (CBA) products and services.
The Bankwest technology investment is expected to open up new jobs in critical areas including technology, data science, operations and customer service.
Group Executive responsible for the Bankwest Business transition and CBA Chief Operations Officer Sinead Taylor said the decision was designed to provide positive outcomes for all customers.
“The banking sector is evolving rapidly, creating an environment where investment at scale is critical to meet our customers’ needs and expectations of banking products and services,” Ms Taylor said.
"Bankwest is predominantly a national retail business and is strongly positioned to compete and deliver great customer outcomes due to its significant scale and the investment planned to enhance its technology capability.
“We believe offering our business customers access to CBA’s market leading products and services is the best way to meet their needs and support them in continuing to achieve their goals in today’s demanding market.
“Just as important, our business customers will continue to be supported by our existing team of WA-based business banking colleagues.
“Our Business Bank team has created a powerful legacy, helping many businesses grow and create new jobs to expand the WA economy over many decades, and they will no doubt continue to contribute to WA’s bright future.”
Bankwest's retail focus will be backed by an investment program that is part of the CBA Group’s strategy to create global best technology solutions, which is expected to result in new career opportunities for West Australians.
“Ultimately, the Bankwest of the future will be a WA-based national retail banking business focused 100% on meeting the everyday banking and home buying needs of people in households across Australia,” Ms. Taylor said.
“Our technology investment aims to give Bankwest colleagues the capability to design, build and deliver market leading products and services that meet changing customer needs nationwide.
“Bankwest has been evolving since 1895 and this new chapter supports the continued success of our business customers, and positions Bankwest to create a brighter future for the customers and communities we serve."