Bank of Queensland (BoQ) is on the hunt for a new customer relationship management (CRM) system, after announcing an impairment of its current pilot solution.
BoQ said it will impair the carrying value of its pilot CRM system by AU$10 million pre-tax. The decision comes after the company's board of directors conducted a semi-annual review of its intangible assets in preparation for the half-year end process.
BoQ managing director and CEO John Sutton said the review found the system was unable to meet operational and regulatory requirements.
"We remain committed to providing cost-effective tools to our business to support growth and productivity, and will therefore investigate the use of alternative CRM solutions," he said.
The company also highlighted that despite this announcement, it will not impact BoQ's cash earnings after tax for the 2015 financial year, which it confirmed is still on track to reach an analysed estimated value of AU$362 million.
Last October, Hewlett-Packard picked up a five-year contract with the bank, after its initial 10-and-a-half-year mega contract drew to a close.
As part of the renewed partnership, HP is helping BoQ to reduce the complexity of its IT environment, standardise and improve the delivery of technology services across the business, increase the speed and quality of project delivery, and reduce overall IT operating costs.