COMMONWEALTH Bank of Australia will spend $580 million over the next four years replacing 45-year-old technology systems to improve efficiency and customer service.
Australia's largest provider of home loans has selected the global business software company SAP to do the job, which will be based on SAP's technology platform NetWeaver.
The bank has appointed another software firm, Accenture, to support the initiative.
"The forecast cost is around $580 million over the next four years," CBA said.
"The project will deliver a better customer service platform and simplicity in IT systems, infrastructure and business services, as well as provide significant operational benefits and cost savings."
CBA's chief executive, Ralph Norris, said the modernisation of the group's core systems was fundamental to the successful future of the bank. The upgrade would make banking simpler and more efficient for customers.
CBA has just completed a separate, two-year information technology upgrade, which it said provided continuing efficiency gains at the bank of more than $200 million a year.
The chief information officer, Michael Harte, said the bank's systems had been in place for more than 45 years and would be removed. CBA would gain a competitive advantage because few big financial institutions had announced plans for changes to their old IT systems.
SMH | 29 April 2008 | AAP
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