Gay said although the transformation has driven up productivity, the bank hasn't cut costs because it has grown at faster rate without increasing costs.
"We will grow our net profit after tax by about 25 percent over the next 12 months but we will not grow costs anywhere near that, we will hold them relatively flat," he said.
Meanwhile, ME CEO, Jamie McPhee, said one of the most important outcomes of the transformation is the ability to offer competitive variable home loans.
"Our old technology restricted us to one variable home loan product. Transformation means we can offer new variable rate home loans priced competitively."
McPhee added that big data is the new battleground between bank-owned super funds and industry super funds and the bank is now able to analyse data to help its industry fund owners.
"Thanks to the transformation, we can detect when customers have had a change in circumstances. This provides data trigger points for cross-selling super if they're not with an industry super fund and for building loyalty if they're with an industry fund," he said.
"Because it's easier to plug new functionality into our systems, we'll also be able to display super accounts through our internet and mobile banking platforms in the future.
"That means members of industry super funds will be more engaged with their super balances and their funds," he said.
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