Francesca Mcdonagh, Bank of Ireland

Bank of Ireland has brought in former National Australia Bank (NAB) executive Steve Collier to spearhead its €900 million ($1.1 billion) core banking transformation project, after overseeing similar initiatives at his previous employer.

Bank of Ireland selected Temenos as its new core banking and systems provider in October 2016, following a search started in May the previous year. The bank is in the motions of deploying the vendor’s UniversalSuite software suite, which includes Temenos’s flagship core banking solution, T24, as well as a omni-channel support, analytics and risk and compliance.

Codenamed Project Omega, the overhaul is designed to reduce Bank of Ireland’s costs to less than 50% of income. The bank’s costs were around 58% in 2017. The transformation could see as many as 1,000 jobs – 9% of the bank’s workforce – eliminated by 2019.

Current chief executive Francesca McDonagh inherited the transformation when she took control of the bank in October 2017. In an email to staff, seen by the Irish Times, McDonagh said the project is “a big part of the work were are doing on our systems”, which was “helping to transform how we serve our customers, make things simpler and easier for them, and meet new regulatory requirements”.

NAB had its fair share of troubles when trying to implement Oracle FSS’s Flexcube. The five-year project began in summer 2008, with Oracle FSS’s Flexcube at the heart of core software transformation. The ‘foundation release’ of the ‘Next Generation Platform’ was set for 2011, but was delayed until the following year.

Allied Irish Banks (AIB), a domestic rival of Bank of Ireland, took Oracle FSS to court in early 2011 in an attempt to recoup €84 million from the vendor for a failed implementation of Flexcube for retail banking.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com
imp-loader
preloader