27 July 2016
Find out more

CBA selects SAP for core banking overhaul

28 April 2008  |  10077 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)

Finextra news in your inbox

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

Related stories

Nationwide switches to SAP for Banking

Nationwide switches to SAP for Banking

17 March 2008  |  9351 views  |  0 comments
CBA implements Vivotech technology for mobile PayPass pilot

CBA implements Vivotech technology for mobile PayPass pilot

08 January 2008  |  5311 views  |  0 comments
Alliance and Leicester hires Accenture for core banking overhaul

Alliance and Leicester hires Accenture for core banking overhaul

02 October 2006  |  10413 views  |  0 comments
CBA IT costs rise

CBA IT costs rise

09 August 2006  |  4704 views  |  0 comments
Commonwealth Bank strategic review puts emphasis on IT

Commonwealth Bank strategic review puts emphasis on IT

31 March 2006  |  6546 views  |  0 comments
CBA re-emerges with next-generation banking system

CBA re-emerges with next-generation banking system

11 June 2002  |  3930 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comVisit VocaLink.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
satelliteContactless Bitcoin startup Plutus Tap &am...
9359 views comments | 9 tweets | 4 linkedin
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
9258 views 14 comments | 32 tweets | 38 linkedin
Apps crush internet for UK banking loginsApps crush internet for UK banking logins
7836 views comments | 18 tweets | 25 linkedin
hands typing furiouslyHow machine learning can cut costs on tran...
5941 views 0 | 9 tweets | 3 linkedin
Thomson Reuters and Imperial College form fintech and regtech research partnershipThomson Reuters and Imperial College form...
5910 views comments | 29 tweets | 16 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job