Company: Westpac Banking Corporation
Brand value: US$7,631 million
Change since 2018: -18%
Headquarter city: Sydney
Year formed: 1982
Westpac is one of Australia’s “Big Four” banks, serving around 14 million customers via around 1,400 branches and 4,000 ATMs, and increasingly online. The bank was one of several criticized by the Royal Commission into misconduct in the sector, and in early 2019, Westpac became the first major bank to face a class action lawsuit over allegations of irresponsible lending. The business has promised to improve, and has been focusing on innovation. It is part of the Osko real-time payment service, allows customers to do mobile banking using Siri, and is establishing itself as a leader in blockchain technology. Westpac is looking to provide specialized banking services and increase funding for start-ups, has launched an innovation hub to accelerate collaboration among fintech companies in the region, and has launched the “$40K RegTech Challenge”, spurring competitors to find technological solutions to the regulatory demands on businesses. Westpac already collaborates with tech companies through its venture capital arm Reinventure, and is the first Australian bank to foster exports of Australian technology to Southeast Asia.