The core upgrade moved the bank off of its previous internally developed banking platform, that had served the bank for 20 years, and onto Tata Consultancy Services' (TCS) BaNCS platform. A new online platform was also released today that gives customers the ability to open new accounts online, and the sending of SMS security codes.
"Factoring in all elements of the project, including the likes of labour, consultancy and the actual software, then the total price would be in the region of AU$60 million," a spokesperson for the bank told ZDNet.
Sue Coulter, CUA general manager, business transformation and core banking project director, said in a statement that the parallel replacement of the core banking and online banking systems was a great achievement for the bank.
"This hasn’t just been a large technology project; it has been the driver of significant business transformation," she said. "Our new core banking system provides a single integrated approach across all consumer banking products, including transaction banking, lending, mortgages and deposits, as well as online and mobile access."
Chief executive of CUA, Chris Whitehead, said that the initial gains of the upgrade were internally focused on process and user interfaces, and customers were already receiving better service as a result of a single customer profile.
"Like our old core banking system, our previous Web Banker system served us well, but was unable to meet our customers' needs for the future," Whitehead said. "Our new Online Banking service gives us a platform to make ongoing feature and functionality improvements and we are already working on a range of short and long-term upgrades to ensure we provide the best possible service to our customers."