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Big banks to spend billions on IT

Staff Reporter 1 minute read

The big four banks will invest heavily in IT in a bid to update old systems and better compete with online lenders.

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According to The Australian Financial Review today, the dollar value of the banks’ IT investments now looks set to reach more than $2 billion.

National Australia Bank, for example, will launch a new project to rebuild its core online banking platform in just a few weeks, the daily said, at a cost of at least $400 to $500 million.

Published: 08-07-08

Big banks to spend billions on IT
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