The app will feature new budgeting tools such as the ability to track and categorise expenses and view accounts in one place, including from other financial institutions.
These will be available on the app in the final quarter of this calendar year.
The announcement comes seven months after Westpac acquired the MoneyBrilliant app from AMP Limited - a money management tool that provided users with practical insights and displayed their financial accounts in the one place.
Westpac Consumer & Business Banking Chief Executive Chris de Bruin said the enhancements to the Westpac app will give customers better tools to help them manage their budgets.
"Our customers have told us they want their banking to be fast, secure, and simple to use," Mr de Bruin said.
"When customers sign into the app, they'll be able to check the balance on their Westpac savings account, home loan and credit cards, as well as accounts from other financial institutions, providing a more comprehensive view of their finances.
"The improvements form part of Westpac’s ongoing investment in building a digital first bank, transforming the products and services we offer customers so they can bank anywhere, anytime."
New features
Spend Tracker
This feature assists with setting and tracking customer's financial goals.
Customers will be able to decide how to organise their expenses into categories, in whatever way will best suit their preferences.
This tool will intelligently categorise those expenses across all bank accounts to assist households in assessing how much they're spending as a portion of their budget on their mortgage, travel and entertainment.
Tax time assistance
Customers will have the ability to tag expenses throughout the year to help them to prepare for their tax return when it comes time.
Bigger picture view
The Westpac app will soon give users a more complete picture of their wealth by including accounts held with other institutions.
Westpac and Cogo partnership
Westpac has also announced a new partnership with sustainability fintech Cogo, a move designed to help customers track their carbon footprint as well as make more environmentally friendly choices.
"We know that increasingly Australians expect their financial products to help assist them make their own contribution to a net-zero future," Mr de Bruin added.
"We have partnered with Cogo to bring customers more insights into their own spending habits and the impact their choices are having on their carbon footprint, to help them shape their future decisions."
The carbon-tracking capability is expected to roll out from next year to select retail customers.
Safety and security
The new capabilities will be underpinned by strict safety and security features.
Dynamic CVC
Westpac customers can access a digital version of their card in the app which can be used for purchases, or in the event that their physical card is lost or stolen.
The digital card features a dynamic CVC which refreshes every 24 hours for added security.
This enhancement has reduced fraud incidences for the average customer with a digital card by 80%, since its introduction in early 2020.
Lock or unlock cards
Customers can place a temporary lock on their card instantly via the Westpac app if they notice unusual activity on their card or if it's been lost or stolen, this can be done anywhere and at anytime to stop unauthorised use.
In the event that it's a false alarm, customers can easily unlock the card ready for use again. They also have option to permanently cancel the card and issue a new digital one via the app.
Scam block
Suspicious online transactions from overseas retailers that are considered high-risk of being a scam are automatically blocked by Westpac. The customer is then notified via SMS.
Image by Westpac
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