Australian banks to move IT projects to India
Jun 03
Posted: under Outsourcing, Software outsourcing.
Tags: Commonwealth Bank, i-flex Solutions, National Australia Bank
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.
Related Websites -
Bank of America Debit Card Fees Are Cancelled Among the big topics in the personal finance has been the announcement of a couple of large banks instituting debit card fees. In the mind of many consumers (especially ones enjoying free checking), these proposals involved significant charges each month. In fact, Bank of America debit card fees were set...... - Banks Do Hard Credit Inquiries On Checking Accounts Did you know that some banks pull your credit score when you apply for a checking account? And did you know that some banks require a minimum credit score in order to accept you? Many banks simply use ChexSystems, which is a network comprised of financial institutions that regularly contribute......
