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Are Australian banks turning away from innovation?
With the recent CIO shakeup, analysts and customers fear an end or slowdown in IT upgrades. December 21, 2011 | Aldo JosonThe lack of access to the chief executive for these technology heads have raised concerns of the dilution of IT products and the possible end or slowdown of innovation in their respective banks. While operating in a country largely recognised as developed and ahead of their Asian counterparts in terms of risk, compliance and maturity of financial products, Australian banks have tried to address legacy issues in their IT infrastructure that have left them vulnerable to repeated outages and service level failures. In November 2010, NAB botched the processing of payments and transactions, and early in March 2011, CBA addressed the issue of customers being able to withdraw more money than what they actually had in their bank accounts. Just last December 14, 2011, CBA had to address yet another outage when customers were unable to access their money from ATMs, online banking and payment services. This is not to say that the banks have been sitting on their IT investments or have been remiss with their infrastructure upgrades. Westpac launched last October a five-year $2 billion Strategic Investment Priorities (SIPs) programme to address technology issues, improve customer service, and introduce enterprise-wide services by 2014. CBA is in the midst of its billion-dollar core banking implementation programme, and has launched popular smartphone products such as a property guide and a recent contactless payments app, Kaching. Australian banks have ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: Innovation, Technology & OperationsInnovation,technology, Innovation,Technology & Operations, Keywords:Australia, CIO, CEO, NAB, CBA, ANZ, Westpac, IT Upgrade Australia, CIO, CEO, NAB, CBA, ANZ, Westpac, IT Upgrade
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