NAB core IT to be replaced
(11 August 2008 – Australia) NAB has announced the imminent replacement of its core banking systems over the next five years as part of its strategy for sustainable out-performance.
The core banking system replacement is the first phase of its Next Generation Platform initiative.
Ahmed Fahour, executive director and chief executive officer Australia for NAB said that over the past three years a significant program of work, completed in 2007, was undertaken to successfully turnaround the Australian business.
Now that NAB has finished with its strategic focus on performance improvement, it can now focus on this new wave of their strategy.
Michelle Tredenick, chief information officer Australia, NAB, said that the current IT systems are not sufficient to support the bank’s future strategic direction.
The Next Generation platform strategy has been developed over 18 months following a robust process leveraging industry and internal experts and an extensive evaluation of potential vendor partners.
Fahour said that the Australian investment, which is a multi-year program, is expected to be accommodated within NAB’s existing investment spend across the bank.
NAB has selected Oracle to partner with for the first phase of its Next Generation Platform strategy. Phase one will involve the delivery of a platform for the Star Direct business, a new business that NAB has previously flagged to the market. The Star Direct business will include a specialised, low cost, high service direct bank that will be launched later this year.
Ahmed Fahour, executive director and chief executive officer Australia for NAB said that over the past three years a significant program of work, completed in 2007, was undertaken to successfully turnaround the Australian business.
Now that NAB has finished with its strategic focus on performance improvement, it can now focus on this new wave of their strategy.
Michelle Tredenick, chief information officer Australia, NAB, said that the current IT systems are not sufficient to support the bank’s future strategic direction.
The Next Generation platform strategy has been developed over 18 months following a robust process leveraging industry and internal experts and an extensive evaluation of potential vendor partners.
Fahour said that the Australian investment, which is a multi-year program, is expected to be accommodated within NAB’s existing investment spend across the bank.
NAB has selected Oracle to partner with for the first phase of its Next Generation Platform strategy. Phase one will involve the delivery of a platform for the Star Direct business, a new business that NAB has previously flagged to the market. The Star Direct business will include a specialised, low cost, high service direct bank that will be launched later this year.
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