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Breaking down a bank's IT budget

It's not often that you see a full breakdown of exactly how much money a bank has spent on different projects within its overall IT budget. At least not in the public domain. But at Westpac's earnings announcement yesterday, CEO Gail Kelly picked the bank's technology operation as its most notable "low light" during their financial year.

ZDnet Australia reviews some of the problems and people movements seen at the bank during the year, including the appointment of former CBA CIO Bob McKinnon. But more interesting is their breakdown of how much the bank has spent on its various IT projects, from replacing FX trading systems to core platform development and integration. The stand-out figure for me is the doubling of expenditure on compliance, which likely reflects a wider industry trend.

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Comments: (1)

A Finextra member
A Finextra member 03 November, 2008, 08:44Be the first to give this comment the thumbs up 0 likes

Good point. I can only add that compliance looks to be a long term gainer with the current crisis likely to lead to further compliance expenditure.

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