Potential customers lost patience with long delays and Westpac paid the price. As they say in the banking world – “time to yes” was way too long.
Behind that execution problem was Westpac’s heightened gun-shy attitude to lending in the wake of being taken to court for alleged breaches of responsible lending laws. While Westpac was victorious, it emerged with scars. This generated a reticence within the organisation to push mortgages as hard as its competitors.
The fact that it now needs to fix its problems in the middle of a recession and in a low interest rate environment just makes…
