Our STEM Commitment A framework for change JUNE 2018
WHAT IS STEM? It s no secret that the way we live and work is changing. Science, Technology, Engineering and Maths are influencing the way we work more than ever before, with rapid advances re-defining the skills and capabilities needed for the future. Westpac is committed to preparing its people, communities and its customers for what s to come. S CIENCE T ECHNOLOGY E NGINEERING M ATHEMATICS 2
WHAT IS STEM? We ve always known that success in the education of these subjects will promote valuable skills, but now they re essential. With an estimated 75% of new Australian jobs requiring some form of STEM skill, it s no longer an optional extra. As Australia s first bank, we want to help Australians prosper and grow by removing barriers to education opening up a workforce that embraces the digital revolution. We believe this is an essential investment in people, business, and banking of the future. This is an exciting time and we can t wait to see how we can help build a STEM-confident nation that will influence our future and help drive us into our third century. 3
Message from Dave Curran WESTPAC GROUP, CHIEF INFORMATION OFFICER Message from Anastasia Cammaroto WESTPAC GROUP, GENERAL MANAGER, BUSINESS TECHNOLOGY INTEGRATION As Australia s first bank, we are committed to championing change to tackle emerging issues, including STEM literacy, which are critical to Australia s future prosperity. We have been contributing to and investing in STEM initiatives for many years. Now, in our rapidly changing world, taking a leadership position when it comes to STEM is more important than ever. We know that Australia as a nation is dropping in school mathematics performance, with the latest trends showing Australia dropping from 18th to 28th out of 49 countries in year 4 mathematics performance. University enrolments tell a clear story women are not choosing to study courses that lead to a career in technology. By the time girls reach the age of 15, a large proportion has either already dismissed or not even considered the option of a career in Information and Communications Technology. As Australia s first bank, we have to play a role in changing this so that we are backing our people, our customers and our communities to succeed in the future. By tackling head-on the barriers that exist to STEM education, including gender disparity, socio economic disadvantages and classroom challenges, we are committed to creating new pathways and championing change. Our STEM Commitment captures the initiatives, programs and partnerships Westpac is driving, guides the aspirations we want to have, and tracks the change we are seeking to make. Given the growing importance of STEM for Australia and our business, this commitment is a timely and increasingly important declaration of our determination to help our customers, communities and people to prosper and grow. One of the reasons I ve worked at Westpac for over 20 years is because of the long-standing belief that we have to back all Australians. I m proud of the work we have done and will continue to do when it comes to STEM and our STEM Commitment crystalises our determination to drive change. Initiatives such as Vogue Codes, Code Camp, the Westpac PhD STEM program and our commitment to our technology scholars through the Westpac Scholarship Program demonstrate the variety of our programs to tackle the STEM challenge from every angle. I believe we have to work harder in particular to attack the diversity challenge when it comes to STEM. Our new initiatives, along with our new partnership this year to give up to 100 high school girls from low socio-economic backgrounds work experience within technology in Westpac is a great example of how we can help drive change. This is the first time as an organisation we have consolidated our STEM impact and, more importantly, committed to the changes we need to make. 4
WHY THE WESTPAC STEM COMMITMENT? 5
WHY THE WESTPAC STEM COMMITMENT? WESTPAC HAS BEEN CONTRIBUTING TO AND INVESTING IN STEM INITIATIVES AND THOUGHT LEADERSHIP FOR MANY YEARS. From our work with schools, universities, supporting our Westpac Scholars and building partnerships with industry, government and academia, we are committed to helping increase STEM literacy and awareness in our people, our customers and the communities we operate in. We ll always back the ideas, individuals and businesses with the potential to shape Australia. In preparing for a rapidly approaching reality, we re first committed to creating a workforce for the future that is diverse and confident. Artificial intelligence, robotics, wearable technologies, big data, automation and cyber security are already redefining how we live and work. In order for all Australians to welcome, confidently navigate and benefit from this ongoing revolution, we need to invest in STEM education, research and disruptive technology. And we re putting this into action. We already have over 20 well-established STEM-focused initiatives across the organisation including the Westpac Scholarship Program, Mathspace, Code Camp, Westpac STEM Girls Work Experience Program, Westpac PhD STEM Program, as well as Westpac Innovation and Research Collaborations. 6
THE WESTPAC STEM COMMITMENT Our Westpac STEM Commitment is a framework for change and demonstrates Westpac s investment in the people, ideas and organisations that shape our nation an investment we have been making for 200 years and one that we intend to continue to make for the decades ahead. Investing in and inspiring the next generation Talent incubation Championing change Fostering innovation We re committed to helping the next generation of Australians prepare for the future workplace in a world where disruption is the norm. We re committed to helping create a future-ready workforce to support Australia s ability to succeed in the long-term. We re committed to changing the conversation about STEM for all Australians. We re helping to embrace, incubate and celebrate disruptive technologies, entrepreneurs, thinkers and ideas. Improve the next generation s maths and coding literacy skills Increase the diversity of STEM students to meet future workforce needs, with a particular focus on women and girls, Aboriginal and Torres Strait Islander people, regional and lower socio-economic communities Increase the confidence of parents and of teachers who teach science, technology, engineering and maths Partner with universities to develop job-ready graduates Invest in Australia s brightest minds to create a diverse pipeline of game-changing technologists and future leaders Facilitate STEM industry pathways at Westpac and in partnership with our industry peers and suppliers for a diverse range of students Inspire Australians by showing them the transformative impact that STEM skills will have on our lives and the lives of future generations Increase the number of women participating in technology careers Empower Westpac networks, volunteers and industry partners to showcase careers, change perceptions and increase diversity of employees Foster the commercialisation of Australian research through incubation and innovation and supporting the next generation of leaders, visionaries and innovators Invest in new businesses and partnerships to solve strategic challenges for us, for industry and government and to bring the best of the outside into Westpac Reinvent financial services to benefit our customers and communities Our Westpac Workforce Revolution Strategy is helping to create a future-ready workforce 7
OUR COMMITMENT Building a STEM-confident nation can t happen without smart action and investment. We will continue to invest over $150 million in education and initiatives that build a STEM-confident nation including, the Westpac Scholarship Program, Mathspace, Code Camp, Westpac STEM Girls Work Experience Program, Westpac PhD STEM Program and Westpac Innovation and Research Collaborations. We will continue to develop job-ready graduates with skills and capabilities to meet current and future workforce needs by increasing and diversifying our tertiary pathway programs. We will help overcome the diversity challenge by providing up to 100 girls with practical business and STEM-related work experience. We will empower our employees to donate or volunteer their support to STEM skilled volunteering and other mentoring programs. We will keep identifying opportunities for collaboration with universities and investment in technology to support and accelerate entrepreneurs, partners and suppliers. We will use our strategic voice to showcase careers and diversity at Westpac and across our partner networks and customer base. 8
INVESTING IN AND INSPIRING THE NEXT GENERATION We re living in a world where disruption is the norm. How can we help inspire our young people about the careers of the future? At Westpac, we know the future has the power to affect our workplace and our industry, so we re focused on increasing the number and diversity of young people studying STEM subjects. In particular, we re encouraging more girls to take these subjects through secondary education. The Digital Technologies Curriculum has been introduced, which means for the first time all Australian students will learn coding. Australian students also need negotiating, problem-solving and communications skills something we re already investing in. Our partnership with Mathspace is an investment that boosts the maths skills and confidence of Australian students. We want to see significantly more secondary students graduating with senior maths subjects, bringing Australian students maths performance back in line with (or even ahead of) other countries. Finally, we re building the confidence of our secondary teachers through our volunteers and the Westpac STEM Professionals in Schools Program in partnership with the CSIRO. OUR GOALS: 1. Improve the next generation s maths and coding literacy skills 2. Increase the diversity of STEM students to meet future workforce needs, with a particular focus on women and girls, Aboriginal and Torres Strait Islander people, regional and lower socioeconomic communities 3. Increase the confidence of parents and of teachers who teach science, technology, engineering and maths WESTPAC INITIATIVES: Mathspace Code Camp Westpac STEM Girls Work Experience Program Westpac STEM Professionals in Schools Program with the CSIRO Westpac Life Saver Rescue Helicopter Schools Outreach Programs Australia Computer Society Foundation Big Day In Australian Computing Academy Cyber Security Schools Challenge 9
INVESTING IN AND INSPIRING THE NEXT GENERATION OUR ASPIRATION IS TO HELP BUILD A STEM-CONFIDENT NATION: GOAL COMMITMENT ASPIRATIONS (5-10 YEARS) Improve the next generation s maths and coding literacy skills Support programs that give primary and secondary students critical skills in maths and coding, such as: Mathspace help today s students know their numbers so they ll be better able to handle tomorrow s challenges. Code Camp enable students to develop skills for the future creativity, logical thinking, problem solving skills and an entrepreneurial mindset. Australian Computing Academy Cyber Security Schools Challenge with the University of Sydney support a national program to develop cyber security skills and raise careers awareness through relatable role models. Continue to provide world-class free maths education for up to 300k students and parents. Increase the number of primary school students learning critical skills for the future through Code Camp. Help teachers implement the Australian Digital Technologies Curriculum, with 10,000+ students developing critical skills and careers awareness. Increase the diversity of STEM students to meet future workforce needs, with a particular focus on women and girls, Aboriginal and Torres Strait Islander people, regional and lower socio-economic communities Support programs that target diverse student groups and provide them with the knowledge and pathways to take up technology careers, such as: Westpac STEM Girls Work Experience Program provide work experience pathways to address the gender balance in both the workplace and broader community. Australian Computer Foundation Big Day In engage in a national roadshow to spark ideas and inspire schools and students to pursue technology in the classroom and as a career path. Pilot a program for up to 100 high school female students to gain practical business and STEM-related work experience. Continue to inspire and educate 10,000+ students nationally about the careers of the future. Increase the confidence of parents and of teachers who teach science, technology, engineering and maths Bring Westpac volunteers to the classroom to provide industry experience to teachers and students: Westpac STEM Professionals in Schools Program support the CSIRO to scale their national volunteering program that facilitates partnerships between schools and industry to bring real STEM into the classroom. support other employee driven skilled volunteering and mentoring programs. Help our 10,000 strong technology workforce participate in our skilled volunteering and mentoring programs. 10
INVESTING IN AND INSPIRING THE NEXT GENERATION CASE STUDY BACK TO SCHOOL: TONY FITZPATRICK Aside from the fact that skills in STEM can be tough for young kids to wrap their heads around, sometimes their parents might not have the expertise to help them at home. It s a problem that Tony Fitzpatrick from the Westpac Technology Team in Perth wanted to help solve. I thought, why should I just help my son? Why can t I help all 25 kids in the class? Together with his colleagues at Westpac, Tony helped form the organisation s STEM Professionals in Schools Program, which gives Westpac employees the opportunity to teach primary school students the basics of STEM through a series of dynamic and practical classroom exercises, such as coding and advanced problem-solving. The program started two years ago in a handful of Perth primary schools, but thanks to word-ofmouth recommendations, it s since been introduced to dozens of schools across the state. Targeting students in grades one to six, the program is run entirely by technology experts at Westpac who volunteer their time to foster the kids interest in STEM. We re reaching thousands of kids in Western Australia, says Tony. We want to get the kids excited about the different STEM areas, so they continue to follow that passion through high school. With our partnership with the CSIRO, the Westpac Professionals in Schools Progam is now expanding to Sydney and Adelaide and will include high schools students and teachers. The hope is that by reaching more kids and parents across Australia, the nation s confidence in STEM subjects will grow. Alongside the Westpac Scholarship Program, Graduate Program, and Code Camp, the Westpac STEM Professionals in Schools Program is one of a number of initiatives helping employees to inspire students to pursue a career in STEM. I ve had many mentors in my career who have been willing to pass on their knowledge to me. This is a way for me to pass on my knowledge, and doing it for kids is so incredibly rewarding. 11
TALENT INCUBATION Creating a future-ready workforce is a critical part of Australia s ability to succeed long-term. We re working across all areas of education to provide and support opportunities for a globally competitive future. We do this by working with universities and industry peers to provide programs that deliver experiential learning to inspire emerging talent. From valuable work placements for school leavers, undergraduates and PhD students to offering internships for Australians seeking to gain insight, experience and training, we re determined to make a difference. We also make an investment in Australia s future leaders and innovators through the Westpac Scholarship Program - Australia s largest privately funded education scholarship fund. Every year, we award 100 scholarships to people from all walks of life who have the drive and ideas to shape our future. OUR GOALS: 1. Partner with universities to develop job-ready graduates with skills and capabilities to meet current and future workforce needs 2. Invest in Australia s brightest minds to create a diverse pipeline of gamechanging technologists and future leaders 3. Facilitate STEM industry pathways at Westpac and in partnership with our industry peers and suppliers for a diverse range of students WESTPAC INITIATIVES: Westpac Graduate Pathways: Graduate Programs Westpac Summer Internships Undergraduate pathways to gain real work experience Westpac Young Technologists Scholarships University Co-operative Technology Scholarships Technology Cadetship Program for Year 12 school leavers Career Trackers Program for indigenous university students studying STEM disciplines Master Students and Early Postdoctoral Researchers Westpac Future Leaders Scholarship Westpac Research Fellowship Westpac PhD STEM Program 12
TALENT INCUBATION OUR ASPIRATION IS TO HELP BUILD A STEM-CONFIDENT NATION: GOAL COMMITMENT ASPIRATIONS (5-10 YEARS) Partner with universities to develop job-ready graduates with skills and capabilities to meet current and future workforce needs Invest in Australia s brightest minds to create a diverse pipeline of game-changing technologists and future leaders Facilitate STEM industry pathways at Westpac and as well in partnership with our industry peers and suppliers for a diverse range of students Continue to provide opportunities for students to undertake traineeships, internships and work placements, including opportunities and pathways for undergraduate Aboriginal and Torres Strait Islander people, students with disabilities and students who are neurodiverse: Career Trackers Stepping Into Tailored Talent We re committed to working with leading universities to support outstanding individuals who have the ideas and drive to shape the future of Australia: Westpac Scholars every year 100 scholarships will be awarded to people from all walks of life who are passionate about technology and innovation, strengthening Australia s cultural and economic ties with Asia, or driving positive social change. Continue to provide structured workplace experiences and opportunities for technology graduates and PhD students: Westpac Technology Graduate Program build career pathways for our graduates to help them become game-changing technologists. Westpac PhD STEM Program provide practical work experience specifically tailored for STEM PhD students, with the aspiration to deliver better research outcomes and professional development for researchers. Help more STEM students gain work experience through our new Technology Summer Internship Program. Continue to support inclusive program placements across the Group. Over 500 Scholars will be supported and connected through the Westpac 100 Network by 2020, with an investment of approximately $25 million. Support STEM-focused postgraduate students and early career researchers through the Westpac Future Leaders Scholarship and Westpac Research Fellowship. Increase enrollments in STEM and other related university degrees by continuing to award 35 Young Technologists Scholarships every year. Continue to diversify and increase the Technology Graduate Program pipeline to improve employment outcomes for graduating students. Support 90% of Westpac PhD STEM students to secure employment at Westpac. Participants observe an uplift in leadership and technical capabilities. 13
TALENT INCUBATION CASE STUDY HIGHLY MOBILE: ANNELISE RALEVSKA As one of the first Westpac Scholars, Annelise Ralevska became something of a trailblazer while students her age were still finding their feet at university. In 2015, Annelise was awarded a Westpac Young Technologists Scholarship, which supports young Australians who are passionate about the power of technology and innovation to drive Australia s economy. In the same year that she d started her double Bachelor of Business and Bachelor of Science in Information Technology degrees at the University of Technology, Sydney (UTS), Annelise was selected by Westpac to attend the Open World Oracle Conference in San Francisco. Having gained practical workplace experience through her Westpac Young Technologists Scholarship, Annelise thrived in the collaborative environment of Westpac s technology sector. If technology wasn t about collaboration I wouldn t have picked it as a career because I do really enjoy being in peoplefriendly environments, she says. Annelise is now an Associate Project Manager at Westpac, where she s looking into artificial intelligence as the key to creating a more efficient, smart and secure customer service experience. Annelise is also the first Westpac Scholar to be joining the Group Technology Graduate Program in 2019. I m part of a generation that learns to adapt. The good thing about technology is that it s so broad there are so many different roles you can apply for throughout your career. 14
TALENT INCUBATION CASE STUDY TRAINER OF MACHINES: UPUL SENANAYAKE X Machine learning is where we train a machine to look at patterns of underlying datasets, so it can make a relevant decision without being explicitly programmed to do so X Upul Senanayake is the resident machine learning expert in Westpac s Data Driven Experiences group, and he s using artificial intelligence (AI) to ensure that the Bank s customers are served both efficiently and proactively. Machine learning is where we train a machine to look at patterns of underlying datasets, so it can make a relevant decision without being explicitly programmed to do so, says Upul. We have a lot of customer-centric projects in progress at Westpac that look at how we can attend to our customers needs, well before they manifest. Upul is a participant of Westpac s STEM PhD Program, which gives a select group of doctoral candidates a part-time salaried position, including two 24-month rotations in different Westpac divisions, while they complete their PhD. Through his work with a professional mentor at Westpac, Upul is also able to develop his leadership skills and business acumen. It s a win-win scenario. Westpac has the opportunity to invest in highly skilled people with STEM capabilities, while participants are given the enterprise experience they need to be successful in their careers. Upul recently won the FINSIA Technology and Innovation Young Professional of the Year award, which is an indication of the depth of work he has undertaken at Westpac. Machine learning is where we train a machine to look at patterns of underlying datasets, so it can make a relevant decision without being explicitly programmed to do so 15
CHAMPIONING CHANGE To help Australians navigate confidently through technology disruption we re working hard to change the way we all think about STEM. STEM study, research and careers underpin our success as individuals and as a country. And it s change that will make it happen. By showcasing the power of STEM skills, we re helping parents and influencers prepare their children for the jobs of the future. We re also focused on creating greater equity for women and Aboriginal and Torres Strait Islander people and lower socio-economic groups in STEM careers. This is an immediate way to increase Australia s STEM skills base and fuel economic growth. Westpac has a long history in championing change through investment, leadership, mentoring and sponsorship. It s our mission to amplify the many potential career paths that STEM literacy unlocks and demonstrate the equality of opportunity and remuneration that a career at Westpac provides. OUR GOALS: 1. Inspire Australians by showing them the transformative impact that STEM skills will have on our lives and the lives of future generations 2. Increase the number of women participating in technology careers and holding leadership positions 3. Empower Westpac networks, volunteers and industry partners to showcase careers, change perceptions and increase diversity of employees WESTPAC INITIATIVES: Westpac STEM Girls Work Experience Program Westpac Vogue Codes Partnership Westpac Women in Technology Employee Action Group Westpac s Inclusion and Diversity Agenda Westpac s Ruby Network Westpac s Skilled Volunteering and Mentoring Programs 16
CHAMPIONING CHANGE OUR ASPIRATION IS TO HELP BUILD A STEM-CONFIDENT NATION: GOAL COMMITMENT ASPIRATION (5-10 YEARS) Inspire Australians by showing them the transformative impact that STEM skills will have on our lives and the lives of future generations Showcase the power of STEM skills through our customers, people and communities and leverage our media channels to amplify this message: Westpac Wire - Reaches all Australians Year 13 and The Cusp - Reaches young Australians Starts at 60 - Reaches older Australians Ruby Connection Reaches female customers Leverage our communication channels to reach more Australians, enhancing their STEM literacy and access to opportunities. Increase the number of women participating in technology careers and holding leadership positions We re committed to advancing more Australian women into careers in technology and women in STEM: Westpac STEM Girls Work Experience improve the participation of young women in technology by helping them gain practical and STEM-related work experience. Women in Technology Employee Action Group - support and encourage our employees to actively help address the gender balance in both the workplace and the broader community. Pilot a program for up to 100 high school female students to gain practical business and STEM-related work experience. 50% of places in tertiary technology pathways programs and the Technology Graduate Program to be held by women. 40% of technology leadership roles to be held by women. Empower Westpac networks, volunteers and industry partners to showcase careers, change perceptions and increase diversity of employees Leverage our broad networks of programs including the Ruby Connection, Westpac Scholarship Program, Westpac Businesses of Tomorrow, Westpac PhD STEM and the Westpac STEM Girls Work Experience Program, and our workforce and leaders to promote technology careers and opportunities to women and girls, such as: Westpac Vogue Codes continue to partner with Vogue Australia to present Vogue Codes - an annual series of events aimed at empowering women to choose roles and careers in technology. Provide our people with access to skilled volunteering and mentoring opportunities to help promote careers in technology for women and girls. Build engagement at Westpac Vogue Codes Summit (currently benefits ~2,500). Westpac Inclusion and Diversity Strategy - When unique people work together they deliver extraordinary results. 17
CHAMPIONING CHANGE CASE STUDY CYBER GIRL: NIYATI DESAI X XYear 12 student Niyati Desai has taken steps to fast-track her career in software development by participating in a new pilot program at Westpac that s giving girls practical experience in coding and information technology. As part of Westpac s focus on improving diversity in the technology sector, the pilot Westpac STEM Girls Work Experience Program provides pathways for young women to test-drive a career in technology within the financial sector. It also offers employees who are already established in the technology industry a great opportunity to inspire the next generation and give back to the industry as leaders and mentors. It s targeted at girls my age who want to pursue a career in technology, and the aim is to cement that passion As part of the program, Niyati was offered an opportunity to work at Code Camp a holiday program for Australian students that has seen more than 35,000 kids design and build their own iphone apps at more than 100 locations across Australia. She says this was her first real job, and it gave her the chance to pass on her enthusiasm for coding and technology to other students. If I can help create a generation that s more open-minded to our technology so we can better understand how it works, that would make me really happy, she says. The Westpac STEM Girls Work Experience Program is designed to give female students who are interested in STEM subjects some practical experience and career focus before they ve even started at university. The program is now being expanded to offer a new work experience program to 100 girls around Australia each year. All the girls in the program were really passionate about technology and considering a career in STEM, says Niyati. I d like to study software engineering at university next year, and hopefully I ll be able to work at a multinational in the future. 18
CHAMPIONING CHANGE CASE STUDY THE ANALYTICAL MIND: NATALIE SARKISSIAN X Machine learning is where we train a machine to look at patterns of underlying datasets, so it can make a relevant decision without being explicitly programmed to do so XWhen Natalie Sarkissian sparked up a conversation with a couple of young minds in Westpac s Technology Graduate Program, she knew it was where she wanted to go next as a recent graduate of the University of Technology, Sydney s (UTS) co-operative scholarship program. The two-year Westpac graduate program guides recent university graduates through four six-month rotations, each offering a different lens on the bank s technology environment. It was this freedom to shape her graduate experience at Westpac that provided Natalie with the perfect opportunity to apply the analytical and STEM-based skills she d developed throughout her Bachelor of Information Technology degree to various technology-focussed roles. And with a focus on flexible hours and workspaces, the program offers a completely different experience from the typical 9-to-5 desk job. I really love the culture and flexibility that Westpac offers, and the breadth of roles that you can undertake in the Graduate Program before you finally decide, This is the role I love! says Natalie, who chose the Group Technology program from a range of programs available to Westpac graduates. What makes the Westpac Graduate Program so unique is not just the flexibility of the experience it s the support system that comes with it to ensure that graduates don t just develop their technical skills, they also come out of the program with sharper leadership qualities too. Natalie is now in the process of selecting a professional mentor as part of the program to help her determine where she wants her career to take her in the coming years. To have a mentor who can guide you to make the right decision for both your professional and personal development is very important. I want to give 100% in everything that I do, leverage support and advice from those around me and see where that takes me. I m very excited to have started my career in such a rapidly changing industry. 19
FOSTERING INNOVATION We re helping to embrace, incubate and celebrate disruptive technologies, entrepreneurs, thinkers and ideas. Whether it s artificial intelligence, quantum computing, robotics or wearable technology, Australian research punches above its weight globally. We re making these technologies more accessible, especially for new businesses and small to medium enterprises. We proudly partner with start-up companies that help us improve the Westpac customer service experience, solve strategic challenges and open new growth opportunities. We re helping Australia s best entrepreneurs to reinvent financial services including through our $150 million commitment to Reinventure and our partnership with Stone and Chalk, the largest fintech hub in Asia. Through our internal initiatives, and our external investments and partnerships across industry, government and academia, we are fostering the commercialisation and sharing of ideas to support thinking beyond tomorrow. OUR GOALS: 1. Foster the commercialisation of Australian research through incubation and innovation and supporting the next generation of leaders, visionaries and innovators 2. Invest in new businesses and partnerships to solve strategic challenges for us, for industry and government and to bring the best of the outside into Westpac 3. Reinvent financial services to benefit our customers and communities WESTPAC INITIATIVES: Westpac s FUELD Accelerator Westpac Businesses of Tomorrow Westpac Innovation Challenge Reinventure Fund Stone and Chalk Partnership National and international partnerships with industry, academia and government 20
FOSTERING INNOVATION OUR ASPIRATION IS TO HELP BUILD A STEM-CONFIDENT NATION: GOAL COMMITMENT ASPIRATIONS (5-10 YEARS) Foster the commercialisation of Australian research through incubation and innovation and supporting the next generation of leaders, visionaries and innovators Invest in new businesses and partnerships to solve strategic challenges for us, for industry and government and to bring the best of the outside into Westpac Reinvent financial services to benefit our customers and communities Collaborate with university partners and industry to focus research effort and respond to industry problems and drive societal change. Through the Westpac Research Fellowship continue to support early career researchers to undertake ground-breaking research in Australia. Support startups, students and entrepreneurs to join innovation challenges and hackathons that allow them to pitch new ideas with the potential to transform industries: Westpac Innovation Challenge a platform for entrepreneurs to put forward innovative new solutions to improve different industry sectors across our Business Bank. FUELD as Australia s first data-focused accelerator, FUELD helps Australian start-ups and scale-ups realise the potential of their data solutions. Businesses of Tomorrow back a further 200 outstanding businesses to grow Australia s service and knowledge economy. We partner with great companies with technology and capability that help us to deliver a superior customer experience in any of our products, services, channels or markets; be it through a strategic sourcing or partnership relationship: Reinventure a $150 million fund established to uncover and scale early FinTech businesses. In 2018, 30 FinTechs are receiving financial support. Maintain our $100 million investment in the Westpac Scholarship Program to back people with the ideas and drive to shape Australia. Support two university collaboration roundtables, bringing us closer to customers and partners by working on shared problems. Continue to invest in the Westpac Innovation Challenge. Continue to support Australian start-ups and scale-ups as they launch new data-driven products. Continue to support and grow emerging businesses with the drive to shape Australia s future. Maintain $150 million investment in Reinventure. Continue to invest and partner in Stone and Chalk. 21
FOSTERING INNOVATION CASE STUDY FUELD FOR SUCCESS: DAVE LYNDON X STEM skills, including programming and software expertise, are really in demand, he says. It s possible to get a really good job right out of university, but you could also take a risk and try starting your Machine own learning business! is where we train a machine to look at patterns of underlying datasets, so it can make a relevant decision without being explicitly programmed to do so X It s often said that data is the fuel of the future, because it offers smarter, more personalised solutions to business and consumer problems across all industries. But there s a catch while data isn t all that hard to come by, being able to transform it into valuable insights requires a highly specialised skill set. Westpac s industry-first data accelerator, FUELD, is empowering innovators to develop, test, and commercially launch new datadriven products to propel Australia into the future, and it s about to take on its second cohort of the country s most promising start-ups. FUELD takes on eight Australian start-ups and over 12 weeks, offers them mentorship, funding and access to Westpac s enormous dataset to help them succeed. Dataro, a Sydney-based start-up that provides businesses with deep customer insights to help increase engagement, retention and sales, was part of the first cohort in 2017, and co-founder Dave Lyndon says the business wouldn t exist without the mentorship offered by FUELD. We definitely wouldn t have done it without the program, says Dave, an expert in deep learning and artificial intelligence, who partnered with neuroscientist Tim Paris to pitch their data-driven business idea to FUELD. Each week, we were mentored in a different topic, such as how you structure and form a business, and the fundamentals around accounting, team-building, and validation it s something I d never done before, says Dave. Dataro is now developing in-house data analysis systems for organisations such as Greenpeace, to help predict the behaviour of its supporters. We re using their data and Westpac s data to predict who will cancel their donations or churn ahead of time, so Greenpeace can intervene, says Dave. We re building data science as a service for marketers. FUELD is one of several Westpac initiatives that is driving innovation in Australia particularly in STEM. And for Dave, it was the perfect application for his skills to make a real impact. 22
X X Technology never stands still. So neither can we. By embedding STEM into the culture of our business, we ll be able to stay one step ahead today and tomorrow to create a better future for our people, our community and our customers. GET IN TOUCH To find out more visit westpac.com.au/stem 23