Suncorp turns to Oracle to update banking systems
Suncorp Bank has outlined a three-year program to upgrade its banking technology systems, including a project to replace its Hogan core banking system with the Flexcube product from Oracle.On Friday, The bank responded to a request to confirm details sketched out in an article in Fairfax Media newspapers on Thursday (which was based on an interview with Jeff Smith, the chief information officer at Suncorp) and then followed up in more detail by trade publication Delimiter, on Friday.Michelle Barry, executive manager for corporate affairs at the bank, wrote in an email that over the next three years the bank's strategy "is to replace our core banking platform, simplifying down from 16 systems to five integrated systems."Barry wrote that Suncorp "mapped out a very deliberate, disciplined and staged approach which allows for go/no go decisions, including investment, at key points."She wrote that for the first year of the project (that is, 2012) "our commitment at this point is for $9 million of capitalised expenditure with Oracle for the replacement of the bank's customer relationship management system."The bank will also update the systems that handle broker commissions and trade finance. Barry wrote that upgrading the CRM technology first "will provide us with a solid system foundation to replace legacy systems through phase two and three of the program."She cautioned in her email that "there is a lot of noise around banking and IT at present. It's worth noting that our program of work does not contain anywhere near the scope, scale and complexity of the work being undertaken by some of the major banks."The Delimiter article cited details on the project sourced from the LinkedIn profile of an Oracle staffer seconded to work on the project at Suncorp. The staffer lists 11 Oracle products that Suncorp will deploy in addition to Flexcube.