Westpac Banking Corp (ASX: WBC) shares are on the move on Thursday morning.
At the time of writing, the banking giant’s shares are up 1% to $40.83.
Why are Westpac shares rising today?
The catalyst for today’s move appears to be the release of an update on the bank’s UNITE transformation program.
According to the update, Westpac has made solid progress on the large-scale simplification strategy, which is designed to improve customer experience, reduce costs, and lift returns.
Management notes that the program remains on track, with no changes to its overall scope, timeline, or budget since its FY 2025 results.
What is the UNITE strategy?
UNITE is Westpac’s major transformation program aimed at simplifying its operations across technology, products, and processes.
The bank revealed that it has already decommissioned more than 180 applications, reduced its product set by over 70%, and simplified more than 700 processes.
Management believes this will lead to a more consistent experience for both customers and employees, while also helping to close the cost-to-income gap with peers.
Strong progress across key initiatives
Westpac highlighted a number of milestones achieved so far.
These include the rollout of its Digital Banker platform to all bankers, consolidation of systems such as its chat platform, and the completion of its wealth platform migration to Panorama.
The company also confirmed that program discovery is now complete, with 57 initiatives identified and currently being delivered through 10 work packages.
At present, eight initiatives have been completed, with 49 remaining in progress.
Investment and benefits
Westpac revealed that it invested $195 million into the UNITE program during the first quarter of FY 2026, with approximately 73% of that amount expensed.
The broader program is expected to involve significant investment, with around 40% of total spend forecast to occur across FY 2027 and FY 2028.
Importantly, management continues to point to meaningful long-term benefits, including reduced operational complexity, improved productivity, and stronger shareholder returns.
Outlook
Looking ahead, Westpac has outlined a series of key milestones for the second half of FY 2026.
These include further progress on mortgage simplification, continued rollout of its Digital Banker capabilities, and advancement of its One Commercial Bank initiative.
Following today’s move, Westpac shares are now up an impressive 30% over the past 12 months.
The post Westpac shares are climbing following UNITE update appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.