National Australia Bank (NAB) expects to save $800 million annually in a five year plan which includes reducing the complexity of its technology systems, centralising operations and support functions, and reshuffling senior management positions. NAB’s updated strategy also includes introducing simpler and fewer products, making better use of data, further capitalising on its customers’ links to Asia and better servicing the ageing population and superannuation industry. NAB is three years into a 10-year business transformation initiative to modernise its IT systems. NAB’s executive manager of enterprise transformation, Adam Bennett, said last week that a a key part of the change was an increase in outsourcing to other companies. NAB group CEO, Cameron Clyne said on Wednesday that the bank’s “total technology transformation program is progressing well with the core infrastructure upgrade nearing completion and NextGen well advanced.” “The changes announced today, combined with continued investment in the business of over $1 billion per annum, will reduce complexity and duplication across NAB, provide a better, simpler and easier-to-access product suite, provide more straight-though processing as well as ensure the more effective use of data and analytics to provide the right solutions for customers at the right time,” Clyne said. NAB said the expected $800 million per annum savings would be partly offset by higher amortised charges, reinvestment and implementation costs. IT transformation challenges still ahead for NAB: Slater Staying afloat: NAB CIO, Adam Bennett The bank has also reshuffled senior management positions. Notably, Gavin Slater, who oversaw the technology transformation as group executive, group business services, will move to group executive, personal banking. Lisa Gray, currently group executive, personal banking, will also become group executive, enterprise services and transformation. According to Clyne, the investment in better technology and the consolidation of systems allows the bank to bring together a wide range of operations, technology and project functions to simplify processes and reduce duplication. Related content brandpost Sponsored by SAP What goes well with Viña Concha y Toro wines? Meat, fish, poultry, and SAP Viña Concha y Toro, a wine producer that distributes to more than 140 countries worldwide, paired its operation with the SAP Business Technology Platform to enhance its operation and product. By Tom Caldecott, SAP Contributor Dec 04, 2023 4 mins Digital Transformation brandpost Sponsored by Azul How to maximize ROI by choosing the right Java partner for your organization Choosing the right Java provider is a critical decision that can have a significant impact on your organization’s success. By asking the right questions and considering the total cost of ownership, you can ensure that you choose the best Java p By Scott Sellers Dec 04, 2023 5 mins Application Management brandpost Sponsored by DataStax Ask yourself: How can genAI put your content to work? Generative AI applications can readily be built against the documents, emails, meeting transcripts, and other content that knowledge workers produce as a matter of course. By Bryan Kirschner Dec 04, 2023 5 mins Machine Learning Artificial Intelligence feature The CIO’s new role: Orchestrator-in-chief CIOs have unique insight into everything that happens in a company. Some are using that insight to take on a more strategic role. By Minda Zetlin Dec 04, 2023 12 mins CIO C-Suite Business IT Alignment Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe