ANZ’s core banking system is “not a hindrance” and the bank isn't considering an overhaul like its rivals, says CIO Scott Collary.
“The core bank platform and the product processors aren’t holding us back from doing anything,” he told journalists at a briefing on Thursday. “There’s no compelling business case”.
Westpac outlined plans in 2013 to update its operations to Celeriti, starting with St George. CBA committed in 2008 to modernising its existing legacy systems, spending five years and a $1 billion on an SAP-based platform, while NAB began its NextGen initiative with Oracle in 2007.
Collary said ANZ would not be following suit and that a meeting with CSC on Wednesday had left him feeling “pretty satisfied”.
“The only reason you would really change your core was if it was end of life from the vendor and you couldn’t get support any more; you couldn’t find people to work on it; it wouldn’t scale to the volumes that you needed or you couldn’t use it to integrate the rest of the platform and it would slow you down from rolling out new innovation,” he said. “We don’t have that situation.”
The bank has announced a number of innovations in recent months including Apple Pay and an all-in-one MPOS device. Collary said it wouldn’t consider updating core systems until “we hit a point where it can’t do something”.
“We’re launching Apple Pay, we’re doing new payments platform, we’re doing all this great, cool, innovative stuff and it doesn’t factor, the core, at all frankly.”