22 May 2015

CBA selects SAP for core banking overhaul

28 April 2008  |  9657 views  |  0 Sydney Opera House

Commonwealth Bank of Australia (CBA) is moving its core banking operations to the SAP for Banking platform under a four year, A$580 million programme to overhaul its legacy systems.

The bank has recruited consultancy Accenture to oversee the implementation of SAP for Banking, which will replace core systems that have been in place for over 45 years.

CBA says the A$580 million project will deliver a better customer service platform and simplify IT systems, infrastructure and business services, as well as provide significant operational benefits and cost savings.

The bank says it has spent two years on research and development in preparation for the programme. CBA will phase the migration and retain its existing CRM system CommSee and Internet systems to mitigate risk.

Ralph Norris, CEO, CBA, says: "The modernisation of our core systems is a fundamental strategic plank to the successful future of the group. It will demonstrate to our customers our determination to be different by providing them with excellent customer service."

The move comes after a two-year focus on IT, which has included a reorganisation and efficiency efforts, saving over $200 million a year, says CBA.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

17 March, 2008
08 January, 2008
02 October, 2006
09 August, 2006
31 March, 2006
11 June, 2002

Related company news

Your browser is unable to support Flash files.

Who is commenting?

Top topics

Most viewed Most shared
Cash overtaken by non-cash payments in the...
5905 views comments | 45 tweets | 30 linkedin
MasterCard launches personal payments serv...
5498 views comments | 15 tweets | 26 linkedin
US banks bid to crack down on 'card cracki...
5295 views comments | 8 tweets | 10 linkedin
Rise of the FinTech - A threat to Retail B...
5148 views 3 | 7 tweets | 7 linkedin
UK opts out of European online payments se...
4703 views comments | 16 tweets | 13 linkedin

Featured job

up to £100K base, £200K OTE, benefits
London, UK

Find your next job