Using technology to enable better business: two Commonwealth Bank executives recently gave the AIBF some insights into how technology can provide the agility to develop deeper customer relationships, through ease of integration and access to information, and to increase operational efficiency.(Australasian Institute of Banking and Finance)

Publication: Journal of Banking and Financial Services

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COPYRIGHT 2005 Australian Institute of Banking and Finance

As banks continue to provide an increasing number of financial services and products, they face the challenge of integrating disparate systems into a coherent and efficient infrastructure while delivering the highest level of customer service and convenience.

There are many obstacles to becoming a customer-centric organisation and developing solutions to overcome these challenges is difficult.

The Commonwealth Bank has responded to this challenge with its Which new Bank strategy. Technology invariably plays a role in the realisation of such strategies, but while technology initiatives aligned to business outcomes can provide a competitive edge, their benefits can be difficult to realise.

For example, how can financial institutions break down silos, meet compliance obligations and develop a framework that allows users to access information from a central source? More importantly, how can they design a computing environment that is agile enough to accommodate constant change? And what role do emerging standards like XML, Web services and service orientated architecture play?

While the Commonwealth Bank is working with many technology partners to deliver its Which new Bank strategy, one of the key alliances the bank has formed is with Microsoft.

Jeff Jacobs, General Manager, Strategy and Enterprise Architecture, Technology Services at the Commonwealth Bank, says Microsoft .NET technology contributes to providing the agility to develop deeper customer relationships, through ease of integration and access to information, as well as increased...

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