Abstract
This Financial Insights report discusses the growth of technology-related
spending by Australian banks. This growth, impressive for a mature market, will
be supported by a reevaluation of channel strategies - especially regarding
branches, changes in outsourcing strategies, and upgrades of core banking and
risk management systems.
Michael Araneta, senior research manager of Financial Insights' Asia/Pacific IT
Benchmarking Advisory Service remarks, "Australia will see new branch formats
and channel innovations alongside continued branch growth. Also, we notice how
the mindset has shifted toward flexible sourcing. An organization that is
flexible as it is bold will see the promises of outsourcing."
Abhishek Kumar, market analyst of Financial Insights, comments, "Australia' s
Big Four banks are not expected to undertake major overhauls of their legacy
core banking systems. However, an iterative approach to core banking upgrades
will be taken. Emphasis will be on how these core banking systems enhance
product-to-market capabilities and process efficiency."
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