Bank of Queensland (ASX: BOQ) has outlined its technology priorities for 2016, which includes rolling out a retail lending origination system.
BOQ CEO and managing director Jon Sutton said the new system will significantly reduce loan approval times for its customers and improve branch productivity by freeing up employee time spent on administrative tasks.
“The system will start rolling out this month and will be completed by February 2016. A broader product rollout will happen over the calendar year,” he said on an earnings call today.
In addition, the bank has plans to digitise its back office, introduce a new IT sourcing model, build online capability and continue IT simplification during 2016.
For the financial year 2015, it spent $62 million on data processing and software. The company also told shareholders it plans to utilise data analytics in the future.
In October 2014, the bank signed a five-year IT services contract with long standing supplier HP as part of its strategic transformation plan.
Four suppliers were competing for the contract when HP Enterprise Services, which has been supplying IT to the bank since 2002, was again chosen following an "extensive selection and due diligence process," the bank said in its FY14 results announcement this morning.
The agreement will enable BOQ to reduce the complexity of its IT environment, as well as standardise and improve the delivery of IT services across the organisation. It will also increase the speed and quality of project delivery, and reduce overall IT operating costs, the bank said
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