By Clive Gold, CTO Marketing, EMC Australia and New Zealand.
I read with much interest this article today, (here). Beverly Head is a seasoned journalist and in this story about Commonwealth Bank she summarises a great deal of the EMC story! It’s reaffirming as we know that Michael Harte is a forward thinker and has put into practice what a great deal of other CIO’s are now thinking about.
Start on the second page where it states that the Bank has ‘transformed’ their cost structure, where five years ago they spent 50% on infrastructure they now only spend 26%. That is a great deal of money to that has been channelled into their new core banking system and I would argue into innovation. My personal experience from using three different banks on-line systems, is that Netbank is the most usable, functional and over this period has evolved dramatically. In comparison one of the other banks has a weak mobile offering, (no iPad version), and the other as an on-line only bank does not support mobile devices at all!
The other idea that EMC floated a number of years ago was in the change to the digital economy the traditional lines of business would blur. For example the Data Vault, we have been trusting Banks to look after out money, people keep their valuables in bank-box’s, so why wouldn’t we ask them to look after our other valuable asset data?
And to support my current passion, the last line of the article states that they have over 5 Petabytes of customer data. Just imagine if they could mine my data and see I use the on-line bank as it offers a better interest rate, and the credit card I use, gives me more frequent flyer points: I’m sure they could come up with an offer for me, which would give them a bigger share of my wallet as well as be better for me!