BRISBANE — An Australian credit union has taken the plunge on a technology overhaul that could serve as a model for U.S. credit unions and banks that have been reluctant to replace core systems.

Credit Union Australia, the country's largest CU, recently spent $57 million — about 18 months' profits — and two and a half years replacing its core banking system with Tata Consultancy Services' Bancs platform.

Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.