Australian bank Westpac has announced its intention to invest billions of dollars in simplifying its technology infrastructure over the next four years.
The mentioned financial institution plans to devote 30% of its annual budget to achieve the mentioned goal. According to preliminary information, the bank’s annual budget ranges from $1.1 billion to $1.3 billion.
A financial institution implies that simplifying the technological infrastructure is its modernization. The relevant decision of the bank is part of Project Unite. In this case, it’s referring to 85 separate technology projects that aim to reverse a decade of underinvestment in functional infrastructure.
As part of the upcoming upgrade, Westpac’s main goal is to reduce duplication and cut the number of systems by two-thirds. The bank’s executive chief, Peter King, said in a comment to the Australian media. that a financial institution currently owns so much technology that exceeds its real needs. It was also noted separately that the timing of the upgrade is optimal since the lender has completed the process of selling its non-core businesses and a long-term modernization of the risk management system.
Westpac has been working for years to simplify technology. The intention to invest in the relevant activities is evidence of the bank’s significant progress in this direction.
Scott Collary, chief information officer at the financial institution, said that work has already been done to reduce customer onboarding systems and consolidate communication networks, separately noting that in the current year, the lender will focus on improving clients’ outcomes, simplifying things for bankers, and reducing costs.
As we have reported earlier, Westpac Splits Consumer and Business Banking Unit.
