Aussie big four bank Westpac today confirmed that it will delay a massive project to overhaul its core banking infrastructure.
Westpac announced last year that it would adopt the Hogan core banking system, which was being used by its new acquisition St George Bank.
The bank today confirmed an Australian Financial Review report that it would delay its transition to Hogan until at least 2013, but would not elaborate on why, saying only that the project has been put on hold to allow Westpac to focus on more pressing IT investment priorities.
Westpac plans to address the market on its IT and transformation progress tomorrow.
Westpac chief executive Gail Kelly said in May that she had identified flaws in the bank's technology systems.
"I recognised two years ago that our technology platform was unreliable, fragmented and under-invested," Kelly said.