Westpac & ShopBack Partnership Qorus-Infosys Finacle Banking Innovation Awards 2024- Nominated

With millennials now making up 21% of the Australian population, product offerings and capabilities that appeal to this segment have become a strategic priority for multiple banking players locally. Customer research facilitated by Westpac Banking corporation showed the rewards needs of this audience differs from older generations, and that there was feeling of financial anxiety that was driving a need for tangible value attached to everyday spend.

Westpac also observed that traditional Bank reward programs were being disrupted by new app based shopping and comparison platforms that have gained traction with younger, digitally savvy customers by offering a value exchange that is instantaneous, embedded in the purchase journey and delivered cashback rather than traditional loyalty points.

Westpac saw this disruption as an opportunity to partner with a provider that could bring modern rewards capabilities to our existing card customers, and also create a differentiated offering that would appeal to and attract new millennial customers. In December 2022, following an extensive market search, Westpac invested US$30 million in the ShopBack Group, one of Asia-Pacific’s leading shopping and rewards platforms. In addition to the equity investment, Westpac integrated the ShopBack experience and cashback offers into the Westpac mobile banking app in October 2023, a market first in Australia. This partnership and integration has given Westpac’s customers access to cashback offers from over 4,000 online retailers including popular brands like eBay, Amazon and more, which customers can access at anytime, anywhere.

ShopBack operates a business to consumer shopping marketplace allowing online shoppers to receive a small percentage of their purchases as cashback via the platform, paid for by merchants to ShopBack through affiliate programs with a commission charge. The platform also provides coupons, voucher codes, product comparison and QR code for in-store experiences. Integrating ShopBack’s leading capabilities within Westpac’s award-winning Banking app, we aimed to create Westpac as the destination for added value and digital experiences beyond core banking.