NAB has announced the first phase of its Next Generation Platform initiative to replace its core-banking systems this morning, naming Oracle its partner.
"Our existing IT systems have served the business well to date, however, they are not sufficient to support our future strategic direction," bank CIO Michelle Tredenick said in a statement.
The first phase, for which Oracle was chosen, encompasses the delivery of a platform for its Star Direct business, a new division NAB launched last year which will include a low cost direct bank set to go live later this year.
While Oracle works on the Star Direct platform, NAB will spend six months planning the next phase. In total the core-systems replacement, developed over the last 18 months, will take the next five years to complete. The amount the bank would spend on the replacement was not mentioned.
