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Big banks to spend billions on IT

by Staff Reporter6 minute read

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

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

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