CommBank Can: A look at the CBA’s Digital Transformation
The Commonwealth Bank today is a market leader in the financial sector in Australia. Its status is due to its hugely successful digital transformation. This included the Commonwealth Bank updating its old legacy banking system in what is called a Core Banking Modernisation. This allowed the CBA to provide real-time banking as well as a host of other new services and products to its customer. This in turn drastically altered how banking is now done in Australia.
As part of my studies in one of my University subjects, Impact of IT, we were asked to explore a digital transformation from selected companies and write a report examining the impact such a digital transformation has had on Individuals, Business and Society. I chose the digital transformation of the Commonwealth Bank regarding Internet payments to mobile NFC paypass and payments by SMS/text transfers to mobile #'s (CommBank App).
You can read the analysis of CommBank's Digital Transformation here.