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Westpac’s $3.5b tech catch-up is a warning to ANZ about its Suncorp acquisition

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Fifteen years after buying St George, Westpac is finally unifying its banking systems. ANZ investors will hope they’re not hearing about the Suncorp integration in 2039.

Already a subscriber?Kudos to Westpac chief executive Peter King for finally biting the bullet and doing what his predecessors wouldn’t, or couldn’t, do.

Westpac will spend between $3 billion and $3.5 billion on these projects over the next four years, out of an overall tech budget of about $8 billion.– customers at Westpac’s offshoot brands will enjoy a better experience, staff will spend much less time jumping between systems and, eventually, Westpac’s IT running costs will be much reduced.

As we’re seeing at Westpac, and as we’ve seen at Commonwealth Bank , these large-scale tech integrations are complex, expensive and, frankly, easy to drop into the too-hard basket in a world where there is always a more pressing priority.

 

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