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Posts Tagged ‘commonwealth bank’
Enterprise IT, News - Tuesday, March 26, 2013 9:38 - 2 Comments
NAB sets 2016 target for final core migration
news The National Australia Bank has given itself less than three years to complete its long-running, Oracle-based core banking systems replacement, with the project being the major piece of work still lagging in its total business technology transformation program, which has been under way since 2008/2009.
The bank first announced its plans to modernise its core IT systems back in August 2008. At that time it was only the second major bank in Australia to commit to such a project, after the Commonwealth Bank of Australia allocated some $580 million to its own overhaul a few months earlier. But where CommBank at that stage dove straight into its SAP-based revamp with a vengeance, NAB took a different path, choosing a lengthy co-development effort with Oracle which is seeing the bank assist Oracle in constructing a total banking technology solution which it will be able to take to the rest of the financial services sector.
In August last year, Oracle formally launched some of the final pieces of that core banking solution, and NAB announced it had finally migrated its UBank online brand onto the new Oracle-based core platform, in a move which the bank said would deliver both the bank and its 300,000 UBank customers significant immediate benefits from the new technology.
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