Westpac to explain revised IT plans

Westpac will outline its alternative pathway for investment in information technology at a briefing tomorrow. It will also confirm that the planned refresh of its core banking system is delayed.

It will announce the "suspension" of the core banking system upgrade, the Financial Review reported today.

Two weeks ago, Banking Day reported that projects identified as priorities and well funded only a year ago have lost funding.

The use of the CSC-refreshed version of the Hogan banking platform for deposits is one project now on the back-burner.

Other affected projects include personal loans, credit cards and home loans.

The bank is thus confirming that key aspects of its operational plan for the takeover of St George Bank (announced in early 2008 and completed in late 2008) require a re-work.

Westpac prioritised other projects such as "customer data" ahead of the update of the core banking system, the newspaper reported.

The bank's ten-year outsourcing arrangement with IBM draws to an end this year, making the time ripe for a review of all the IT plans currently on the drawing board.

The bank will hold an investor briefing tomorrow that will focus on productivity and IT, the AFR reported.