'We have a high degree of confidence that benefits will be seen over time.'
He offered the example of the Kaching payments application, which has now been downloaded more than 100,000 times. Mr Narev said that applications such as Kaching demanded real time banking capability.
Without that banks would be forced to perform 'unnatural acts that will impose high levels of risk.'
He acknowledged the ongoing debate as to whether the same level of transformation could be achieved by focusing at the customer interface, rather than at the core system (this has been Westpac's approach for example) - but he argued that in the future it was quite possible that cash would be displaced by online payments, and that would demand banks invest in a modern real time core system.
Asked whether by investing in the SAP platform CBA was in fact establishing a new generation of legacy, Mr Narev said that this was not the case and the bank a 'vanilla solution with no tailoring.' While CBA was at the leading edge in terms of that SAP rollout, he said it was not a bespoke solution, but one which SAP would continue to develop and invest in.
As the bank concludes the CBA core rollout Mr Narev confirmed that there were no similar scaled technology programmes on the horizon, but that a number of smaller projects were envisaged. He gave no clue as to what they might involve.