Westpac announces multibillion technology upgrade

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Australian bank Westpac intends to spend billions of dollars over the next four years to simplify its technology infrastructure.
 
The bank has pledged to devote 30% of its annual budget, estimated to be between AUSD 1.8 billion and AUSD 2 billion, to technological upgrades over the next four years. The move is part of Project Unite, a collection of 85 technology projects to reverse a decade of underinvestment. The project’s primary goal is to reduce duplication and the number of systems by two-thirds, from 180 to 60.
 
According to Scott Collary, the bank’s chief information officer, several projects have already been completed, including reducing customer onboarding systems and consolidating communication networks.
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TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.
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