28 July 2017
download the report now

NAB racks up IT spending

28 October 2011  |  7004 views  |  0 NAB logo

National Australia Bank increased spending by over a half on its IT infrastructure last year as it grappled with a series of breakdowns in its online platforms and poured more cash into a core banking transformation project.

In December 2010, NAB shifted 425 IT jobs to IBM following a major breakdown in its payment processing systems. The bank continued to experience problems into the new year and was hit by another technical failure that affected online banking and payments processing in April.

Delivering its 2011 results on Thursday, NAB revealed that infrastructure spending soared by 56% during the year to A$719 million.

"Most of this investment was made in the group's Next Generation Banking IT platform and convergence of key technology and operational infrastructure," the bank said in its presentation.

Like its peers, NAB is undergoing a painful root-and-branch overhaul of its legacy core banking platforms.

Having opted back in 2008 to install Oracle's i-Flex at the core, the bank says it will eventually commence the roll out of a "foundation release" in 2012. A greenfield implementation of the system is already in operation at its online offshoot UBank.

Alongside the NextGen roll out, NAB initiated a company-wide desktop refresh and network modernisation programme during the course of the past year. It says upgrades to its technology infrastructure and payments systems will remain a priority for 2012.

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

More tech woes for CBA: ATMs, eftpos and call centres hit

More tech woes for CBA: ATMs, eftpos and call centres hit

12 August 2011  |  12297 views  |  0 comments
NAB asks 'want an ATM in your loungeroom?'

NAB asks 'want an ATM in your loungeroom?'

18 July 2011  |  12766 views  |  0 comments
NAB says social media 'break up' campaign has won new customers

NAB says social media 'break up' campaign has won new customers

08 June 2011  |  9424 views  |  0 comments
Aussie tech banking curse strikes Westpac

Aussie tech banking curse strikes Westpac

05 May 2011  |  8469 views  |  2 comments
NAB glitch hits Aussie wage payments

NAB glitch hits Aussie wage payments

15 April 2011  |  9383 views  |  0 comments
CBA extends core banking deadline by one year as costs skyrocket

CBA extends core banking deadline by one year as costs skyrocket

10 February 2011  |  10835 views  |  0 comments
NAB online banking falls over again

NAB online banking falls over again

31 January 2011  |  10213 views  |  2 comments
NAB cancels Christmas as tech woes deepen

NAB cancels Christmas as tech woes deepen

08 December 2010  |  12643 views  |  1 comments
NAB tech woes continue as customers suffer though the weekend

NAB tech woes continue as customers suffer though the weekend

29 November 2010  |  7346 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.www.fisglobal.comdownload the paper nowvisit vasco.com/news/PSD2-compliant-solutions

Who is commenting?

Top topics

Most viewed Most shared
UK judge blocks £14bn class action suit against MastercardUK judge blocks £14bn class action su...
11467 views comments | 7 tweets | 7 linkedin
Yet more deals announced in payments sectorYet more deals announced in payments secto...
10566 views comments | 7 tweets | 21 linkedin
Machines could take over 30% of bank jobs: McKinseyMachines could take over 30% of bank jobs:...
10445 views comments | 30 tweets | 30 linkedin
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
9191 views 16 comments | 33 tweets | 38 linkedin
Credit scoring startup Aire raises $5m; wins Zopa dealCredit scoring startup Aire raises $5m; wi...
8272 views comments | 9 tweets | 8 linkedin

Featured job

£100-120K Basic dependent on experience plus subst...
London

Find your next job