Suncorp’s new core banking platform — Ignite — is now in place, the company confirmed this morning. Suncorp had previously indicated that the rollout of the new platform was on track to be completed this year.
The new platform supports customer, collateral, collections and loan origination processes, Suncorp Group said in a briefing pack on its full year results. Deposits and transaction banking will follow in early FY17.
“Completion of the Ignite platform is delivering a simplified and resilient core banking infrastructure that provides agility and reduced time-to-market for new products and offerings,” Suncorp said.
Decommissioning legacy platforms throughout FY17 will drive the bank’s cost to income ratio below 50 per cent. Already the bank’s legacy collections, personal lending origination and collateral systems have been completed.
In total, the project covers the decommissioning of 12 legacy systems
and re-engineering 580 business processes. The bank went with a staggered deployment of the new platform to minimise the associated risks.
“The full benefits of Ignite will be realised in future periods with further data migration, process decentralisation and additional legacy system decommissioning,” Suncorp said.
Suncorp Bank reported that of total Ignite project costs of $330 million for FY16, capitalised costs amounted to $290 million.
The Oracle-based Ignite core banking platform is API-enabled, allowing different app-based end points for interacting with the bank to be delivered to customers, partners and industry. The bank has said the new platform will allow it to more quickly respond
to changing customer and regulatory needs and boost its digital
Earlier this year Suncorp appointed Sarah Harland to the role of group chief information officer, replacing Matt Pancino, who departed in late April.
Suncorp Group reported net profit after tax of $1.04 billion, down from $1.13 billion in FY15, for the 12 months ending 30 June.