Westpac flags $70m Asgard migration to Panorama
Westpac has reinforced its focus on making BT Panorama its only remaining wealth platform, outlining the time frame which will see Asgard customer migrated to Panorama by the 2026 financial year.
In an update filed with the Australian Securities Exchange (ASX) on Friday, Westpac made clear its priority was to have one contemporary wealth platform and that the Asgard migration was now in scope.
The Asgard migration has been anticipated in the wake of the big banking group completing the migration of BT Wrap to Panorama over two years’ ago.
The BT Wrap migration was regarded as one of the largest and most challenging undertaken in the platform market.
The banking group told investors the initiative is expected to cost around $70 million but that it will result in benefits of as much as $40 million per annum because it simplifies the company’s technology needs.
The ASX announcement said that the Asgard migration would be subject to approval by the board of Westpac subsidiary, BT Funds Management Limited.
It said the migration was expected to improve client experience via simpler service model and improved technology.
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