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.

Tags Cloudlegacy itcommonwealth bank

More about Commonwealth Bank of AustraliaF5IDGIDG CommunicationsIDG CommunicationsIDG Communications

Comments

Comments are now closed

 

Latest News

04:00PM
Over a quarter of Australians won’t bank on their mobile: Kaspersky
12:30PM
HDS A/NZ Partner Summit 2014 in Noosa (+15 photos)
12:28PM
The Google shakeup continues: Andy Rubin is out
12:09PM
Impact Systems boss wants to buy 10 resellers
More News
05 Nov
LIVE Webcast: Lessons Learned from the Biggest Security Breaches
05 Nov
vForum 2014
10 Nov
Ascom Myco Launch Event
11 Nov
DCIM Certified Solutions Professional
View all events