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CBA excellent progress in modernisation

Business deposit accounts were due to be moved to the new platform during 2011, and CommBiz would be integrated.

Commonwealth Bank of Australia Ltd says it has made excellent progress in a core banking modernisation program that the country's biggest lender has been pursuing since April 2008.

Commonwealth Bank says 1.2 million term deposit accounts and 10 million retail deposit accounts had been moved to the new platform during 2010, and all retail deposit and transaction customers had access to real-time banking.

Business deposit accounts were due to be moved to the new platform during 2011, and CommBiz would be integrated.

The bank had made "excellent progress-to-date," the bank said in slides to accompany a presentation on Monday afternoon in Sydney.

The modernisation was "already delivering real customer and business benefits (and positioned) CBA for transformational change in banking".

The aims of the modernisation program were to improve customer service, find growth opportunities, increase efficiency and manage risk in aging systems.

In some cases, the bank was dealing with systems that were 40 years old, it said in the presentation.

CBA officers, including chief executive Ralph Norris, chief information officer, Michael Harte, and the program director for the modernisation, Dave Curran, will make the presentation at 1430 AEDT.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: CBA, Commonwealth Bank

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