Bank of New Zealand CEO Andrew Thorburn was quoted by Interest.co.nz as saying that the ‘multi hundred million dollar investment,’ will replace its legacy system.
"We have made a decision that we will do that, but that is going to be a three to five year project," Thorburn added.
"We’re underway with it but we’re not making any big announcement about it because, from a customer’s perspective, it’s still going to be quite a way before they would see any noticeable difference."
Offering low reliability, the existing ageing legacy system not only requires high maintenance costs, but also poses difficulty in accessing the right skills to keep making changes, Thorburn said.
Thorburn has been serving as BNZ’s CEO since October 2008, and prior to that he worked as the retail banking head at National Australia Bank.
Bank of New Zealand (BNZ) has reported statutory net profit for its banking group for the first six months ended on 31 March 2013 of $298m, with an increase of $70m, or 30.7%, over the September 2012 half year.
Established in 1861, Bank of New Zealand has a workforce of 5,000 staff in the country and operates as a subsidiary of the National Australia Bank Group of companies.
