On Tuesday Westpac Business Banking Operations, along with PEXA hosted a Practitioner session at 150 Collins Street. The Sessions were arranged to discuss what’s working well and what we could be doing better for Practitioners and our customers; and to open the doors to our Operational teams to gain a better understanding of how we all work together and can interact on PEXA more effectively. The Sessions consisted of an opportunity to meet with Leaders of the Business and speak about their experiences when settling with the Westpac group. We then spent time on the floor with the Teams completing Pre Settlement and settlement activities. A quick debrief after the time spent on the floor was used to talk through their experience and what they took away from their time. The Discussion happening on the floor in the small groups was great to see with some common “ahah” moments shared by both sides. We gathered some very valuable feedback on some of our key process’s that will help us improve: The Discharge process and what’s required to get the instructions right for settlement. How does the Bank handle stamping for First Home Owners Grants etc. The process for completing subdivisions from nominating the title to Settlement was working well however we can still improve the communication process between Practitioner and Bank in the immediate lead up to Settlement. Kelly Keoh from Cherrywood Legal “I realised that despite the technological advancements implemented by Westpac to standardise its workflow and processes to deliver better services, the inherent need of a team member to monitor and work through details for accuracy and compliance purposes projects that the need for a human touch to coordinate the settlement processes is less likely be replaced until exceptional advancement in Artificial Intelligence. As both the banking and finance and legal industry are heavily regulated industries, it is always a slippery balance trying to maintain efficiency, compliance and customer/client expectations. Therefore, it is crucial that all parties to a transaction work together cohesively with understanding and respect for each other’s roles, compliance processes and timelines to ensure that the settlement process is uniform and efficient.” Westpac was pleased to host these sessions and is open to holding more of these in the future. Further sessions are being held in Adelaide and Sydney with our Retail Operations Teams for Westpac, StGeorge , Bank of Melbourne and Bank SA later this month. If you are interested in attending another session in Melbourne please speak with your PEXA Direct Specialist.
... View more
