Westpac adds new budgeting and expense tracking to its app

  • By Zilla Efrat

Westpac is rolling out several new features to its app which will provide customers with personal finance insights into their spending habits, new budgeting tools and the ability to track and categorise expenses.

Westpac says the enhancements are an important component of its broader digital strategy and have been made possible by its acquisition of MoneyBrilliant last year.

Westpac consumer and business banking CEO Chris de Bruin says they are also another step forward in making banking simpler and more intuitive for Westpac’s five million digitally active customers.

“Our customers are demanding more personalised insights into their spending and tools to manage their finances, particularly as the cost-of-living increases,” he says.

“We want to empower our customers by giving them more control over their money with faster and easier budgeting tools available on their smartphone.”

New Westpac research which polled 2,000 people shows Australians are experiencing cost increases across the board and are looking at ways to earn more money and cut back on spending. And, almost four in five believe digital banking will help them better keep track of their money.

De Bruin says these new features offer customers insights into their spending and income history over the last 12 months, breaking it down into categories such as groceries, kids, education, pets, and entertainment. It will also give customers better visibility of their spending on insurance, home, and personal loans.

Customers will be able to stay across their monthly income and expenses without using a spreadsheet and drill down into each spending category so they can better understand where their money is going.

In the future, they will also be able to see financial information in the Westpac app, including accounts from other institutions, for a more complete picture of their budget.

Another feature coming soon will give them the ability to tag expenses throughout the year to help them prepare for their tax return.

Also on the cards to select customers from next year is a carbon footprint tracker. This results from Westpac’s new partnership with sustainability fintech Cogo.