National Australia Bank chief Cameron Clyne has labeled the bank’s IT transformation project “one of the most comprehensive technology transformations in the world today” which when complete will set the organisation up for the next 25 years.
NAB is four and a half years into what has become a ten-year, multi-billion dollar tech transformation that includes a core banking upgrade being undertaken in partnership with Oracle.
Speaking at a Trans-Tasman Business Circle lunch today, Clyne encouraged business leaders to adopt a long-term view, including for technology, and avoid engaging in the “panic of the day”.
He said the bank was pleased it had made the commitment to complete the expensive and complex technology transformation project in order to prepare itself for what he called the “unstoppable wave of digitisation”.
“Customers talk to me a lot about the impact of digitisation, the impact of the internet…but it’s been 15 years coming.”
Clyne said at the moment many people were “trying to pick the winners and losers in the bank technology race”, but actually it is far more complex than that.
“Banks around the world have had a patchwork quilt of technology that hangs off the back of that core system.
“These (upgrade) programs are expensive and take time which is why many banks around the world defer them.”
Clyne said in five to ten years there would be some very clear winners and losers as a result of the investments being made now.
“And we’ve got no doubt we’re going to be one of the winners.”
