News Column

Australia : SUNCORP BANK commits to complete $270M core banking overhaul

May 30, 2014

Suncorp Bank has pledged to conclude its $270 million core banking overhaul by June 30, 2016.

The bank's CEO John Nesbitt said under the overhaul - called Project Ignite - Suncorp Bank will rationalize its product set by half, decommission 12 legacy systems (from an existing pool of 17) and re-engineer 580 processes to eliminate duplication.

He said : "In two years, we ll have a new bank. This system is key to our sustainable, profitable growth over the long-term."

He added that the bank would invest a further $140 million between now and the project's completion, and to capitalize 80 percent of the total $270 million bill.

Saying that his technology team now had the new core system "in our hot little hands", Suncorp Bank CIO Matt Pancino, said : "We have been testing the system for a number of months now. We have a world class capability. This core is highly configurable and will enable the bank to deliver products very quickly to market with little involvement from IT. It is very plug n play we can easily build new capabilities as customer needs change."

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters