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Westpac names banking-as-a-service CEO

The big four bank has picked its Pacific and specialist finance head to lead its banking-as-a-service platform.

The group has appointed Damien MacRae as chief executive, Westpac banking-as-a-service (BaaS).

Mr MacRae is currently managing director, Pacific and specialist finance at Westpac.

The bank called him an early advocate for online and mobile banking in previous senior roles, which included general manager, premium banking; general manager (NSW/ACT), retail and small business banking; general manager – mortgage broker distribution and head of mortgages.

Mr MacRae has held previous home loan, broker and banking roles during a 12-year stint with Westpac, before he departed and took on other jobs, including chief operating officer with both funeral home group InvoCare and data and analytics provider Experian.

He had been deputy chief executive of InvoCare for almost a year, before returning to Westpac to become managing director, specialist finance in 2021.

Mr MacRae also previously worked in product management with CBA.

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Jason Yetton, Westpac chief executive, specialist businesses commented Mr MacRae will lead the BaaS division as it enters an exciting new phrase.

“Fintech innovation is changing banking in important ways and banking-as-a-service is part of our long-term strategy to support this trend and better respond to changing customer needs, said Mr Yetton.

“Banking-as-a-service is a growth opportunity for the group and a key priority this year is to increase our customer base and build out our product offering following agreements with our initial partners including Afterpay and SocietyOne.”

Mr MacRae said he was looking forward to the new challenge.

“Banking is increasingly becoming embedded in platforms and apps and younger customers are migrating to new digital brands that are cost effective, fast and innovative,” he said.

“I’m excited at the opportunity to keep Westpac at the front of this trend.”

[Related: ANZ restructures, exec to depart]

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