In a multimillion dollar investment Perth-based BankWest has upgraded its old IT systems to gain timely, transparent access to required information.
The bank revamped its IT system across some 100 offices nationally going live with Oracle Financials in June with the project it started last October.
Peter Latham, senior manager at BankWest, said the project is expected to be complete by the end of the year. The bank has already implemented Oracle general ledger, accounts payable, fixed assets and procurement.
Later this year, the bank will add other models, including transfer pricing, performance analyser, and budgeting and planning and will also implement Oracle human resources and payroll.
Latham said that when evaluating vendors for the project there were several others with similar offerings.
"We went through a selection process. I thought all three vendors we looked at (SAP, PeopleSoft and Oracle) could do a good job, and in the end we went with Oracle," Latham said.
BankWest group managing director Terry Budge said Oracle had been selected for its commitment to financial services and experience in delivering management systems to financial institutions.
"We needed an enhanced management system that would give us a financial control, reduce administrative overhead, and support our growth and development," Budge said.
Latham, who expects to see a return on investment in two to three years, said in hindsight he would probably extend the two-month planning and scoping phase, adding an extra month to "do more work on the data".
"It finished up to be hard work with all the necessary actions we needed to do, ensuring the interfaces were correct and that we were structuring it in right format," he said.