The Westpac Banking Corp (ASX: WBC) share price will be one to watch on Wednesday.
This follows the release of the banking giant's market update this morning.
What did Westpac announce?
This morning Australia's oldest bank released an update on a number of matters. This includes the status of the bank's Customer Outcomes & Risk Excellence (CORE) program, new climate commitments and sector financed emissions targets, its digital capabilities and plans.
In respect to its CORE program, the bank revealed pleasing progress on a number of items. These are being designed to ensure that Westpac is a well-run business where risk is actively managed.
Improvements include a sharp reduction in high-rated issues, significantly better data quality management, and a modest reduction in key controls requiring improvement.
Climate focus
As for its climate commitments, Westpac is aiming to become a net zero bank. It plans to transition its electricity to 100% renewables by 2025, reduce supply chain emissions, and support employee emission reductions.
The work is already underway, with Westpac reducing its scope 1 and 2 emissions by 58% since 2016.
But it won't stop there. The bank is also supporting customers in their transition to net zero and is aiming to become the transition partner of choice.
It also revealed that there will be zero lending to companies with >5% of their revenue coming directly from thermal coal mining by 2030.
Digital improvements
Westpac has some bold digital plans underway. This includes making digital options for customers and bankers to do business online, expanding access, and reducing cybercrime.
The bank all talked up its Westpac One Bank Platform and its digital mortgage offering. This aims to provide an unconditional mortgage approval in as little as 10 minutes.
