Australian banks are set to implement billions of dollars worth of IT projects and could also outsource many of their functions to India. Some of its top banks are looking to implement core-banking projects, and the first of these projects from the National Australia Bank has already gone to i-flex Solutions.
These projects could range anywhere from $2-$4 billion, with the software licences alone costing $500 million. Unlike the US, banks in Australia are still very profitable. “Many of these banks are running applications on legacy systems and hardware that may not be supported anymore. They are shifting to core banking applications and awarding contracts for their implementation” said Tim Sheedy, senior analyst, Forrester Research.
Commonwealth Bank is also in the midst of a core-banking modernisation programme, while two of the other big four banks are also in similar discussions with vendors. These banks are looking at outsourcing their entire IT to select functions such as monitoring and maintenance, said Mr Sheedy.
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