The Commonwealth Bank (CBA) has lauded its seven-year technology transformation project as a key reason for significant improvements in system reliability, reporting an 83 per cent drop in “high impact incidents” between FY07 and FY13. CBA said the number of high impact incidents had dropped from 400 to 67 over the period, while total “significant customer impact incidents” fell from 48 to just 1. The figures were presented as part of CBA’s annual results announcement on Wednesday where the bank reported revenue of $44.8 billion for its year ending June 30, 2013, down 5 per cent on the previous year. Net profit was $7.68 billion over the period, up 8 per cent on the previous year. Interview: Michael Harte, CIO, Commonwealth Bank. The bank also claimed it is delivering products faster and at a lower cost by taking advantage of reusable software code. Some of these products include the Kaching’ social payment app for Apple and Android device, which has been downloaded more than 1 million times and been used to complete more than $9 billion worth of transactions. Contactless payments are now about 20 per cent of total card transactions and growing, the bank said. CBA upgraded and redesigned its online presence in June 2013 and internet transactions have increased by 10 times from $40 million per annum in 2003 to $400 million this year among the bank’s 4.5 million active customers. In June, around 60 per cent of these transactions were done by mobile phone or tablet device. The number of mobile app users increased by 250 per cent over the year with mobile devices now being users for more than 50 per cent of online account access, the bank said. Over the past six months, CBA also said it rolled out 1016 video conference facilities across its network, providing customers with access to bank staff. Related content opinion Website spoofing: risks, threats, and mitigation strategies for CIOs In this article, we take a look at how CIOs can tackle website spoofing attacks and the best ways to prevent them. By Yash Mehta Dec 01, 2023 5 mins CIO Cyberattacks Security brandpost Sponsored by Catchpoint Systems Inc. Gain full visibility across the Internet Stack with IPM (Internet Performance Monitoring) Today’s IT systems have more points of failure than ever before. Internet Performance Monitoring provides visibility over external networks and services to mitigate outages. By Neal Weinberg Dec 01, 2023 3 mins IT Operations brandpost Sponsored by Zscaler How customers can save money during periods of economic uncertainty Now is the time to overcome the challenges of perimeter-based architectures and reduce costs with zero trust. By Zscaler Dec 01, 2023 4 mins Security feature LexisNexis rises to the generative AI challenge With generative AI, the legal information services giant faces its most formidable disruptor yet. That’s why CTO Jeff Reihl is embracing and enhancing the technology swiftly to keep in front of the competition. By Paula Rooney Dec 01, 2023 6 mins Generative AI Digital Transformation Cloud Computing 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