Year 2000, Big Bucks!
It is still eighteen months away, but the year 2000 is having big bucks spent on it.
ANZ on Friday announced that their spending would be decreased by $17 million, an 8.5% saving, to $183 million. They also hoped to be able to save another $27 million by way of an unallocated contingency.
NAB has spent $230 million over the last eighteen months.
CBA have allocated $115 million.
It is expected that altogether the “Big Four” will spend in excess of $600 million.
Australian banks would appear to have the problem well in hand, but it has been reported that the same can’t be said for Asian banks. Apparently they are not taking the necessary steps to prepare themselves.
While this is cause for concern, it is also an outstanding opportunity for Australian experts to provide consultative services.
$600 million seems a big bill, but if the systems were not ready there is no telling what the price tag would be.