Commonwealth Bank of Australia (CBA) says it is on course to complete its massive, A$1.1 billion core banking tech modernisation programme by the end of the year.
CBA first outlined plans in April 2008 to move core banking operations to the SAP for Banking platform under a four-year, A$580 million programme but by last February costs had ballooned.
Presenting its first half results, which saw profits rise to A$3.62 billion, the bank claimed that it has now made "significant progress" in the technology overhaul, spending A$188 million on it during the six month period.
In 2011, over one million business deposit and transaction accounts were migrated onto the new platform, adding to the 10 million retail accounts already there. In 2012, the focus will move to the final major migration, lending accounts.
Citing, the recent launch of mobile money service Kaching, the bank also stressed it will continue spending on technology and also allayed fears that jobs will be offshored.
Ian Narev, CEO, CBA, says: "We have focussed on investing in new technology, improving inefficient processes and developing our people. That will continue. We have no plans to send jobs offshore. And we have no plans for major redundancy programmes."