core banking modernization at commbank (commonwealth bank of australia)
DESCRIPTION
An overview of the 6-year, $1.1 billion, Core banking modernization program undertaken at Commbank (Commonwealth Bank of Australia)TRANSCRIPT
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Core Banking Modernization at Commbank (CBA)- Reetesh Vadodaria
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Strategic Objectives● Real-time banking (by straight-through
processing)● Customer-centric processing● Customer offerings● Industrialization● Multi-entity
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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
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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
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Scope
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Platform Stack
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Risk Mitigation● Stage-wise migration approach adopted● CommSee (frontline customer interface) and
internet systems retained
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The ½ Waypoint (2011)
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The ½ Waypoint (2011)
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The End
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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
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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
(standardization and industrialization)
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Thank You!
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● Market briefing presentation by CBA● CBM presentation by CBA● CEO's address and slides, 2011 annual
general meeting
Sources