The Commonwealth Bank of Australia has initiated a review of major IT licensing contracts held by Bankwest as it takes the first steps into integrating the technology systems of its new subsidiaries Bankwest and St Andrew's.
Bankwest's existing technology platform would continue to underpin its operations until the Commonwealth Bank has fully moved across to its new core banking system in 2011, the bigger bank revealed today as it detailed its takeover plans.
Commonwealth Bank CEO Ralph Norris today said the bank had cut its technology spend by 6 per cent on last year, and had claimed "first-mover advantage" in its decision to overhaul its core banking systems ahead of other major rivals.
Tata Consultancy Services (TCS) has snagged work on the Commonwealth Bank's core banking system replacement project, but a spokesperson for the bank today insisted Indian outsourcing firm was not a key partner like SAP or Accenture.
The Commonwealth Bank has confirmed it is seeking a telecommunications supplier for a 10-year deal, possibly worth AU$1.3 billion.
Has Australia entered a new era of mature engagement when setting requirements for outsourcing deals? Should Australian banks create regional IT hubs rather than offshore? And what could have happened to drain Adelaide's Torrens River weir? All these questions and more are answered in Patch Monday.
Most of Australia's major banks are just beginning massive IT projects which will see them refresh their core banking systems. But as HSBC's Australian CIO Brenton Hush tells ZDNet.com.au, the global bank's local operation is already ahead.
Oracle Australia's director of consulting, Ray Whitfield, is calling for a greater focus on project planning in order to convey more realistic expectations regarding IT roll-outs.
Get an insider's look at Commonwealth Bank of Australia's technology operation with chief information officer Michael Harte in the first of our Changing of the guards series examining generational change in the nation's big four banks.
Sceptical that Australians are targeted by cybercrime? Late last year the Australian Computer Emergency Response Team (AusCERT) was asked to repatriate hundreds of Commonwealth Bank customer credentials which had been stolen via the ZeuS trojan.
It is quickly becoming the norm for Australia's largest banks to offer discounts on or completely free computer security software to boost internet banking security. The question is, why?
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