Suncorp’s banking arm is continuing to work on shifting to its new Oracle core banking platform, but the company intends to halt the migration of deposits and transaction banking products while it waits on upgrades from the vendor.
The platform, rolled out as part of Suncorp Bank’s ‘Project Ignite’, “has taken longer than expected to fully embed and adapt for use in the Australian market,” the company said today.
Suncorp announced in August last year that the new platform was in place and supporting customer, collateral, collections and loan origination processes, with deposits and transaction banking to follow early in FY17.
Suncorp has said that the Ignite platform will help it reduce time-to-market for new products.
The company said today it would soon complete the “the final migration phase for remaining retail loans at which point it will pause the migration of deposits and transaction banking products, pending further system enhancements from the vendor”.
“Suncorp recognises transaction banking as one of the most important services it provides to customers and will focus on accelerating payment technology and digital banking capabilities to deliver increased value to customers as society continues to progress towards cashless transactions,” Suncorp said today in an outline of its full year results.
The bank revealed earlier this year, in its results for the six months ended 31 December, that “configuration and product migration” had taken longer than expected but that the platform “remains a foundation for the Group’s customer strategy and will allow the delivery of innovative banking solutions.”
Suncorp today announced a group net profit after tax of $1.075 billion for the full year, up 3.6 percent. Banking & Wealth delivered NPAT of $400 million; NPAT was impacted by its investment in core banking and wealth platforms, Suncorp said.
Banking & Wealth’s operating expenses “were flat at $636 million, including additional expenditure to complete the migration of loans and lending origination to the Core Banking platform,” the group said.