blog The topic of core banking systems overhaul at Australia’s top banks is a constant subject of discussion in Australia’s enterprise IT sector. Michael Harte said this, Bob McKinnon did that, Suncorp might take the plunge, what’s ANZ doing — it’s a constant running dialogue which won’t end until it’s clear precisely where and how the major banks will spend the billions of dollars involved in the process.
However, so far the discussion has been confined mainly within the industry itself. If you mentioned the words “core banking modernisation” to the average Joe on the street, they’d probably think you were talking about new branch fit-outs, complete with ritzy chairs, tables and new carpet.
Word on the street is CommBank is about to take its much-heralded, $730 million core banking modernisation project on the road, with a series of advertisements planned to go to air late on Boxing Day to inform the public about how the core overhaul will affect them, with buzzwords like “real-time banking” and a winsome lass toting an iPhone 4 to boot.
With National Australia Bank’s core in apparent meltdown and the other banks holding off on investing in real-time banking (although some, such as St George, had already taken the plunge), it may be a good time for CommBank to capitalise on its first mover advantage in the space with some free PR. We do wonder, however, whether the general public cares … sure, money may shift around a bit faster between transaction accounts with the new systems in place; but is it that big a deal?
Only time will tell. But one thing’s for sure: CBA tech czar Michael Harte — pictured — will be glowing with pleasure when he sees his multi-million-dollar baby hit the small screen :)
Image credit: Commonwealth Bank of Australia