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Core Banking Modernization at Commbank (Commonwealth Bank of Australia)

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Information about Core Banking Modernization at Commbank (Commonwealth Bank of Australia)
Technology

Published on March 7, 2014

Author: reeteshv

Source: slideshare.net

Description

An overview of the 6-year, $1.1 billion, Core banking modernization program undertaken at Commbank (Commonwealth Bank of Australia)
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Core Banking Modernization at Commbank (CBA) - Reetesh Vadodaria

Strategic Objectives ● Real-time banking (by straight-through processing) ● Customer-centric processing ● Customer offerings ● Industrialization ● Multi-entity

At a Glance ● ● ● ● ● Six-year program, from 2008 to 2013 Completed on-time Cost 2x ($1.1 B) more than planned 12 million customers migrated 20 core systems and 130 other systems modernized ● 1,500 staff involved in the program

The Beginning (2008) ● 2 years of restructuring of bank’s IT function ● Program launched on April 28, 2008 ● SAP for Banking Solutions chosen to replace the 45-year old legacy system ● Accenture selected as implementation partner

Scope

Platform Stack

Risk Mitigation ● Stage-wise migration approach adopted ● CommSee (frontline customer interface) and internet systems retained

The ½ Waypoint (2011)

The ½ Waypoint (2011)

The End

Key Achievements ● 12+ million customers migrated ● 11+ million retail and business deposit and transaction accounts migrated ● New payments hub live and operational 820 transactions per second at peak ● Major Business Lending release (~300,000 days effort) went live on 14th May

Efficiency Benefits ● Full elimination of 26 processes (productivity) ● 15% balance enquiry call reduction (customer self-service) ● 870 product combinations translated to 100 SAP pricing options (product rationalization) ● 105 re-usable and interoperable capabilities

Thank You!

Sources ● Market briefing presentation by CBA ● CBM presentation by CBA ● CEO's address and slides, 2011 annual general meeting

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