Technology the key to new strategies at Telstra, National Australia Bank
It was a fitting coincidence that Andy Penn from
Although operating in vastly different industries both Penn and Thorburn are significantly increasing their technology budgets to improve the customer experience, boost revenue and lift profitability.
They are both stepping up their use of artificial intelligence, data analytics and machine learning. This inevitably will result in thousands of people losing their jobs.
In NAB's case a net 4000 people will be put out of work by September 2020 as part of a plan to save $1 billion in costs. The job losses will trigger a restructuring provision of between $500 million and $800 million in the six months to March.
Telstra has not provided an estimate of the job losses from its decision to reduce its core fixed costs by $1 billion by 2020 and by $1.5 billion by 2022.
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