Westpac invests USD 800 mln in digital revamp

Thursday 8 November 2018 10:47 CET | News

Out of a total investment spend of USD 1.4 billion, Westpac has revealed it invested more than USD 800 million in system upgrades and its digital transformation plan.

In its latest full year financial results, the Australian bank says it has migrated 100 applications onto its cloud infrastructure platforms “which are now largely complete”. Additionally, it has over 120 APIs in production and another 180 in development.

As reported last year, Westpac embarked on a major project to roll out a new data integration solution – Oracle Customer Hub – bank-wide. The project will take three years in total, it is understood, starting with the bank’s consumer mortgage business line.

The news follows on from June 2018 when it made the jump and moved all its core banking applications into its brand new private cloud environment. That move was in preparation for Open Banking, with mainly regulatory apps having been moved, as well as a customer service hub.

The bank is a long-standing user of the Hogan core banking system from US-based CSC. In 2010, the bank embarked on a lengthy upgrade of the legacy core to the newer offering from CSC, Celeriti.
Last week, rival National Australia Bank (NAB) said it was aiming to migrate 35% of its IT application portfolio to the cloud within the next three to five years, according to the bank’s latest full year results.

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Keywords: Westpac, digital, Open Banking, innovation, API, Australia
Countries: World