SYDNEY (Reuters) - Australia and New Zealand Banking Group (ANZ.AX) will not spend A$2 billion ($1.51 billion) to upgrade information technology systems, its chief information officer told the Australian Financial Review (AFR) on Saturday, despite competitors’ moves.
ANZ was “satisfied” with current systems, Scott Collary said, despite commitments to significant technological investment by the Commonwealth Bank of Australia (CBA.AX), National Australian Bank Ltd (NAB.AX) and Westpac Banking Corp[WBKNZL.UL].
CBA updated its core systems in 2012. Westpac is expected to complete its technology upgrade around the end of the year, while NAB’s is being rolled out incrementally.
Collary’s comments contrast with remarks in June by the bank’s chief operations officer, Alistair Currie, which blamed ANZ’s technology infrastructure for making its digital transformation “difficult”, the paper said.
“We have around 2,500 apps and software systems – many of them duplicates,” it quoted Currie as saying.
“One of our main core banking systems turned 40 this week. While it’s 40 years old, it works perfectly. Software doesn’t decay as long as you’ve got the right people in support.”
Reporting by Colin Packham; Editing by Clarence Fernandez