Transcript of the Westpac investor call, labelled an "IT and productivity update", Friday, 8 October 2010.Andrew Bowden: Thanks for joining us, whether here in person or on the webcast.  This morning we'd like to update you on … the significant progress we've made on two important strategic initiatives and how they come together from a financial perspective.  We'll be running through the presentation we lodged with the ASX and then we'll open up for questions.  Let me now invite Gail Kelly, our CEO, to open the session.  Thanks Gail.Gail Kelly:  Thanks Andrew.  Good morning everyone and welcome.  Thanks so much for coming to join us here this Friday morning.  I'm also really pleased with the fact that it's eight days since the end of our financial year,[so]... we will be gathered again together on November 3... [when] we look forward to sharing our full year 2010 results with you .  But today we have a very specific focus. We want to talk to you about two key programs of work that we have underway:  our technology agenda, and our productivity agenda.  As you'll see, they are closely linked - their material and their scope, and the fundamentals of delivery of our customer- centric multi-brand services.  The presenters today will be Bob McKinnon, on technology, and Peter Hanlon, on productivity, and Phil Coffey will address how these two programs come together from a financial point of view.  But before I introduce these topics, it may be useful to, briefly, set the scene.  With the start of this new year, we're entering year three of our customer focus strategy, a strategy which involves a transformation of the Westpac Group, and I'm pleased to say that we're well underway with this work.  We're shifting from being a product-centric organisation to being a customer-centric organisation [and] from a head office focus to a distribution focus. And, of course, with the merger, moving from a largely single brand to a multi-brand strategy.  At the same time, we've moved from being quite siloed in the way the business is run to a one-team approach involving high levels of coordination, and cost-division support to meet customer needs.  Of course, the GFC has presented challenges, but it has not diverted us from this strategy.  If anything, the GFC has served to sharpen our focus on a number of important elements.  For customers, we are focusing on those segments generating the best return.  We're all about depth of relationship and retention.  For distribution, we're increasingly focused on proprietary channels.  So, if you look at our home loans, for example. Today, about 10 per cent more of our mortgages are being written through our own proprietary channels than was the case six months ago.For deposits, we continue to strengthen our deposit gathering and, while we've had good above-system growth, there's still more to do.  For technology, the focus has been intense and we've made substantial progress.  And, for operations, we continue to take best practice from each brand, simplifying, streamlining