CBA announces 'good progress' with modernisation

Term deposit accounts are among those moved on to a new platform by the Commonwealth Bank of Australia (CBA).

The financial institution revealed that in 2010, the scheme – which started in April 2008 – has moved 1.2 million term deposit accounts on to an updated platform, reports the AAP.

Among the issues being addressed as part of the modernisation programme are customer service and efficiency.

At a presentation in Sydney earlier this week, it was announced that "real customer and business benefits" were already being delivered.

It noted that some of the systems being used were up to 40 years old.

The CBA claimed it was being positioned for "transformational change in banking".

Last month, senior analyst at Datamonitor Andrew Haslip told that term deposits are becoming an increasingly attractive option for Aussies who want a long-term investment strategy.

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