CBA on track
(12 February 2010 – Australia) The Commonwealth Bank of Australia has said that its core modernisation project remains on schedule.
Speaking at the bank’s 2010 half year results presentation, CEO, Ralph Norris said that the bank is now half way through its four year schedule.
The transition has already resulted in a number of benefits, particularly around customer service where CBA is achieving ‘quantum improvements’, Mr Norris added.
The project was initiated in April 2008 as a four-year, A$580 million, initiative to overhaul the bank’s ageing legacy systems with the aid of Accenture and SAP.
In August last year, CBA tipped another A$150 million into the projects budget to bulk up some sub-systems, as well as extending the platform to subsidiary organisations.
Mr Norris said the investment in the bank’s back office had yielded significant improvements in processing times, productivity levels and customer service rates.
On the technology front CBA’s systems are more customer friendly, have much greater functionality and are materially more reliable than they were three years ago, the bank’s CEO added.
Use of the bank’s NetBank platform has steadily increased, with CBA racking up an average of 36.3 million monthly NetBank logons in the 2010 financial year so far, versus 18.5 million in the 2007 financial year.
Michael Harte, Dave Curran and their team have made excellent progress and have already delivered real customer capability via the implementation of three products on the new system; the first home saver account, the Colonial First State term deposit account and the online saver account, Mr Norris said.
The transition has already resulted in a number of benefits, particularly around customer service where CBA is achieving ‘quantum improvements’, Mr Norris added.
The project was initiated in April 2008 as a four-year, A$580 million, initiative to overhaul the bank’s ageing legacy systems with the aid of Accenture and SAP.
In August last year, CBA tipped another A$150 million into the projects budget to bulk up some sub-systems, as well as extending the platform to subsidiary organisations.
Mr Norris said the investment in the bank’s back office had yielded significant improvements in processing times, productivity levels and customer service rates.
On the technology front CBA’s systems are more customer friendly, have much greater functionality and are materially more reliable than they were three years ago, the bank’s CEO added.
Use of the bank’s NetBank platform has steadily increased, with CBA racking up an average of 36.3 million monthly NetBank logons in the 2010 financial year so far, versus 18.5 million in the 2007 financial year.
Michael Harte, Dave Curran and their team have made excellent progress and have already delivered real customer capability via the implementation of three products on the new system; the first home saver account, the Colonial First State term deposit account and the online saver account, Mr Norris said.
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