Australian banking group Westpac has developed a new platform in collaboration with Microsoft to assess customer data and provide personalised services.

The new platform, dubbed Data Driven Experience Platform (DDEP), is a Microsoft Azure based data hub.

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DDEP leverages machine learning and other Azure cognitive services to assess customer data in real time. The technology will help in gaining insights into customer behaviour and accordingly assist in decision making and devising tailored services, the bank noted.

Azure Sentinel and Security Centre monitor the platform to secure the bank data.

Westpac Group CIO Craig Bright said: “The Data Driven Experience Platform gives us access to an incredibly rich set of capabilities that enable us to engage digitally in real-time with our customers in a way that’s personalised, intelligent and autonomous.

“Our customers will start to experience this with the rollout of our new mobile app next year.”

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The DDEP platform is developed as part of Westpac’s efforts to bolster its digital banking portfolio, amidst growing challenges from neobanks.

The launch will also equip the Australian lender to prepare for the open banking era in the country.

Besides Azure, Westpac utilises several other Microsoft offerings to boost efficiency.

Recently, Westpac announced plans to develop a cloud-based banking-as-a-service platform. The platform, expected to become operational before the end of next year, will enable third parties to deliver Westpac banking products to their customers.