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.