The Westpac Banking Corp (ASX: WBC) share price is on the slide today.
In morning trade, the banking giant's shares are down 0.5% to $31.22.
Why is the Westpac share price falling?
Today's move appears to have been driven by broad weakness in the banking sector which has offset news that the big four bank has made a major new executive appointment to drive its AI, data, and digital strategy.
According to the release, Westpac has appointed Dr Andrew McMullan as its new Chief Data, Digital and AI Officer, reporting directly to CEO Anthony Miller.
Dr McMullan, who will join the bank in September, is widely regarded as a leading figure in financial services data and AI. He previously served as Chief Data and Analytics Officer at Commonwealth Bank of Australia (ASX: CBA), where he played a key role in transforming the bank's digital capabilities.
Westpac CEO Anthony Miller described Dr McMullan as an "outstanding executive and thought leader" with a proven track record of building and scaling data and AI platforms at global institutions. He said:
Andrew's appointment will accelerate our strategic efforts in data analytics, digital innovation and responsible AI. He's an outstanding executive and thought leader who has successfully transformed data and digital capabilities in leading financial institutions globally. By integrating our data, digital and AI functions under Andrew's leadership, we aim to become a truly service centric organisation, improving the customer experience and empowering our teams.
AI roadmap.
The release notes that Dr McMullan will lead Westpac's efforts to integrate its data, digital, and AI functions, building on the foundations laid by chief information officer Scott Collary.
The bank's goal is to responsibly leverage AI to enhance customer experiences, improve financial wellbeing, and empower employees — a strategy first outlined in Westpac's 2021 three-pillar AI roadmap.
Under that framework, Westpac has focused on strengthening data oversight and establishing formal systems for managing data. But it's the third pillar — applying AI in day-to-day banking operations — that has the potential to reshape how Westpac engages with customers.
For example, the bank has been developing a "customer cortex" that uses AI to detect patterns in customer behaviour, helping it better serve customers and protect them from scams.
Dr McMullan brings a strong track record of balancing innovation with responsible AI practices. He holds a PhD in Statistics from the University of Glasgow and has focused his career on using data to improve outcomes for customers and communities.
