Commonwealth Bank looks for edge

THE CBA has told investors the group's $1.1 billion overhaul of its core technology would give it a competitive edge in years to come.

THE CBA has told investors the group's $1.1 billion overhaul of its core technology would give it a competitive edge in years to come.

In a briefing yesterday, CBA chief Ralph Norris said the so-called core banking modernisation program was "already delivering benefits for the bank and its customers".

The bank said none of its rivals had even started similar processes, which will allow faster transaction processing and enable customers to see transactions in real time over the internet.

"Its real value is how it will position CBA for the real change that will happen in banking," Mr Norris said.

He said that, in 10 years, bank customers would be demanding faster transaction processing, and want transactions processed overnight and at the weekend.