Westpac signs a new partnership for its professional clients

Australian Bank Westpac This week announced the creation of a new partnership to support small businesses. This agreement was signed with Lawpath, an online legal and administrative support platform for SMEs and start-ups. This partnership reflects the commitment of the oldest Australian bank to local businesses.

FACTS

• Westpac announced that it had invested in a legal service provider called Lawpath. In addition to this investment, the bank entered into an exclusive partnership with the platform.

• Thanks to this agreement, the Australian bank will be able to offer new services to its professional customers.

• Lawpath mainly targets startups and SMEs, as well as start-up companies. The platform allows different types of customers to benefit from assistance on administrative procedures such as company creation, capital deposit or home ownership.

• In addition to these administrative procedures, it also offers a software-based accounting service.

• Lawpath's services will now also be offered to professionals, integrating into Westpac's range of partner offerings for businesses.

• These services will be available in Australia, therefore for Westpac customers.

ISSUES

• Reduce business start-up costs: Lawpath's offer aims to ensure that legal advice is accessible to all. SMEs and business starters will no longer need to seek a lawyer or a specialized firm to draft legal documents. In addition to an attractive price, the partnership between Lawpath and Westpac will allow bank customers to benefit from discounts on the platform's services.

• Full support for small businesses: The Australian bank aims to offer a full range of services to its professional customers. It therefore goes beyond banking services by establishing high value-added partnerships for businesses. Lawpath has already conquered more than half a million customers according to the press release. This strategy could therefore be a success for the bank in terms of customer experience and diversification.

PERSPECTIVE

• Lawpath completes the list of partnerships already created by Westpac. Among them you can see names like Uber for Business, AWS, Samsung or myob. These different agreements show that Westpac has been working for its professional clients for some time.

• Commbank, another Australian bank, has also recently shown itself in terms of professional support. The bank has launched a new training programme for SME managers. Another way to support businesses and the local economy.

• In France, on a similar theme, the BPCE group announced this week a new offer of business advice.

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