The digital revolution is not fast enough: Commonwealth Bank

Banking corporation sees legacy IT holding back businesses from getting closer to customers

The digital revolution is not happening as quickly as the Commonwealth Bank of Australia would like it to.

Group executive enterprise services and chief information officer, Michael Harte, spoke about the need for bigger and better technology during F5 Network’s Agility conference.

“People say technology moves too fast for them to keep up with it, but I say it does not move fast enough,” he said.

The problem enterprises are confronted with is finding the resources to “relocate closer to the customer.”

“That challenge exists in every corporation, whether it is logistics, fast moving consumer goods, or banking,” Harte said,

“Any particular industry that has had a heavy dependence on computing for mission critical is confronting this reallocation problem.”

Tech legacy

Harte said currently a lot of money is being spent on the running, maintenance and changing of systems of records that were built up over the last 40 years.

It is also difficult to gain access to money that’s tied up in that legacy IT, which Harte said was purely designed to store records for the business.

“Customers are still paying the cost of carrying that huge infrastructure,” he said.

Although the Commonwealth Bank has access to the most advanced technology available today, Harte said the financial institution still has a “long way” to go.

That is why Harte said organisations need the Cloud, as the pay-as-you-go business model allows business to scale up and down IT capacity based on their needs.

Patrick Budmar covers consumer and enterprise technology breaking news for IDG Communications. Follow Patrick on Twitter at @patrick_budmar.

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