Westpac

Company profile

Westpac is Australia’s oldest bank and company, one of four major banking organisations in Australia and one of the largest banks in New Zealand.

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Project timeline

3 weeks

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Problem statement

Team 2: Primary and Additional Card Holders (PCH and ACH)

Westpac credit card customers feel frustrated by the inability to self-manage the Primary and Additional Card Holders online due to a lack of web functionality and information, facing obstacles of poor customer service and/or long wait times when calling the bank or visiting a branch to receive answers.

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Research methods

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Westpac data - key insights

Chatbot data and customer verbatim

Managing PCH/ACH

• ACH customers are unable to view or claim reward points
• Reporting a lost ACH card compromises the entire account (resulting in cancellation)
• Customers want more granular control over the ACH service capabilties
• Non-Westpac customers are facing a slower process (Westpac customers can easily be added online)
• Can't update PIN online

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General banking insights

• Lack of transparency in regards to credit card ticketed requests
• Customers unaware of new cards being issued cause embarassment (card declined becuase of old number)
• CSR are having to educate customers on process
• Various customers unable to activate their cards (transparency issue, unaware of the process)
• Difficult to understand the process of adding a ACH, requires phoning in or branch visit
• The laborious process to cancel

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Desktop research

1/6th

Buy Now Pay Later (BNPL) has grown to be 1/6th the size of the entire 45-year-old credit card market in 4 years, a trend that is likely to accelerate as younger Australians enter adulthood, and those at the other end of the age spectrum move into retirement.

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10%

Of the credit card market is held by millennials. Millennials and Gen Z prefer debit cards, while older generations opt for credit cards.

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53%

Millennials are the growing BNPL system (67% are women).

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50%

Westpac further advised the committee that in the last two years low rate cards accounted for over 50% of new sales.

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18%

Decrease on credit card applications (in last decade).

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63%

Of the credit card markets payment arrears are between 30-50 years old.

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Usability evaluation – Westpac app

Usability insights – on track

• Notifies user status changes between menu icons, buttons > white to blocked out
• Good colour contrast between primary and secondary colours
• Good to have % completion rates for tasks like applications
• Good to get notifications of completed tasks like blocking a card
• Attractive colour scheme
• Icons with clear intentions – cards, home etc.
• Prominent search area

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Usability insights – for review

• Create more sizing variation in heading/body text
• Minor WCAG colour contrast issues
• Minor capitalisation issues
• Could use more prominent red colour warnings for things like overdue payment notifications
• Use of logos may be a little confusing (eg. 'Settings' icon to view hidden accounts)
• Could use a confirmation step check for things like blocking a card, 'Are you sure?'

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Breaking from standard conventions

• Must go into 'Profile' to view Inbox and Messages
• Can't see notifications or inbox updates from home screen

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Competitor analysis

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Service safaris

Insights - Westpac

• Friendly and proactive staff in branches
• Call centre was quick and helpful

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Insights - other banks

• Friendly staff both in the branches and on the phone
• 'Click to Call' in mobile app was impressive
• Chat bot was easy to use
• Mobile app knew about branch visit, showed tailored content

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Survey insights

77 RESPONDENTS

• 37% of respondents are between the ages of 31-40
• 40% are living with their partner and have kids
• 27.8% have applied for a new credit card in the past 12 months
• Of the credit card holders surveyed, majority (22.7%) are with CBA
• Most favoured credit card features are reward points and low fees
• 52% have an Additional Account Holder (ACH) on a credit card
• 27% earn between $100k-$125k
• 46.7% found adding an ACH was easy and straightforward
• 93.3% of the ACH surveyed, are couples
• 13.3% of repayment is as a joint responsibility and 63.3% of repayment done by PCH

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Interview insights

16 INTERVIEWEES

Managing PCH/ACH

• ACH customers are unable to view or claim reward points
• When an ACH reports a lost ACH card it closes the entire account (a new credit card number must be issued)
• Customers want more granular control over the ACH service capabilities. e.g. spending limits, transaction filtering
• Non-Westpac customers are facing a slower process (Westpac customers can easily be added online)
• Finding information regarding the PCH/ACH process is difficult

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General banking insights

• Customers are using their cards for day-to-day transactions and for bills, trying to claim maximum rewards
• Customers who use their CC to pay for all bills are paying off the full balance at the end of the month, to avoid interest
• Customers are adding ACH to their CC accounts when they enter significant life milestones e.g. creating a joint account or mortgage

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Key quotes

• "I put everything on the credit cards – for example bills, coffee, groceries, day to day transactions and pay it full each month"
• "I want to be able to manage the card account (or at least get things started) and have access to its benefits if I’m on it, otherwise what’s the point?"
• "I decided to be an ACH simply for ease of monitoring spending all on one account"
• "They didn't make the process of claiming rewards easy"
• "Westpac is the least user friendly compared to other banks"
• "When it goes wrong, it sort of seems to go really wrong. And there's no avenue to quickly fix it."

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Problem statement pivot

Westpac credit card customers feel frustrated by the inability to self-manage the Primary and Additional Card Holders online due to a lack of web functionality and information, facing obstacles of poor customer service and/or long wait times when calling the bank or visiting a branch to receive answers.