ANALYSIS: The tech integration of Suncorp into ANZ will be the difference between a successful merger and a ludicrously expensive bolt-on. Experts say success is unlikely.
. The crucial point on Smith’s varied CV is that for seven years he was the most senior tech executive at Suncorp., he was then down in the trenches for the next few years trying to make the tech integration come to pass.– deliver the even more ambitious efficiency dividend being promised by chief financial officer Farhan Faruqui of $260 million a year.
Such projects are difficult. It is all but impossible to find examples of successfully merged Australian banks from a tech perspective.
“I would put a bet on that five years from now, we will be talking about ANZ declaring victory on the Suncorp Project, but that they didn’t integrate, and they will then be running two sets of systems for a decade,” one seasoned tech exec said.Integration programs rank alongside core systems upgrades as projects that nearly always end up in defeat, dishonestly branded as achievement, the industry insider says.
“A new CEO comes in when you are still just getting started – and probably will at ANZ too – and the last thing they want to do is put a massive focus on finishing the last guy’s thing ... There’s always a shiny new thing to aim for,” a former CIO says.
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