Westpac, Australia’s largest banking group by branches, is targeting what it terms as "significant" cost savings over the next five years as a result of implementing Oracle’s database solutions to help manage customer data.
Westpac will run its Master Data Management application, Siebel Universal Customer Master, on the Exalogic Elastic Cloud and Exadata Database Machine, with the aim of creating a single customer view of client data.
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The new systems aim to allow Westpac to aggregate, manage and capture customer data, enrich customer profiles and enforce compliance and risk policies.
Oracle said that the systems can process up to 10,000 transactions a second and help to reduce the complexity of Westpac’s IT structure.
Jeff Jacobs, chief technology officer at Westpac Group, said the bank was responding to the "changing face of banking" by enhancing its branch and digital offerings.
He said: "Providing more flexible and agile branches and continuing to innovate in online and mobile are key to the success of our strategy.
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By GlobalData"Oracle’s platform will help us provide a single source of customer truth that delivers a consistent and high quality experience – irrespective of how our customers choose to bank with us."
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