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.

FILL IN THE SURVEY - AND YOU COULD BE A WINNER: ARN wants to hear from YOU. Tell us how you run a successful business and you could win an adrenaline-fuelled adventure of your choice. COMPLETE THE ARN SURVEY.

Tags Cloudlegacy itcommonwealth bank

More about Commonwealth Bank of AustraliaF5IDGIDG CommunicationsIDG CommunicationsIDG Communications

Comments

Comments are now closed

 

Latest News

11:06AM
Xero forms strategic partnership with Telstra at Xerocon 2014
09:21AM
NBN FTTN pilot records download speeds of 96Mbps
08:41AM
24 hours of Windows Phone: The app gap is killing me
07:23AM
Intel highlights more of its wireless computing plans
More News
25 Aug
CA IT Leaders Forum ’14 Brisbane
26 Aug
CA Expo ’14 Sydney
26 Aug
Integrate 2014 Exhibition & Conference
27 Aug
BizTalk Summit 2014, Australia
View all events