Royal Bank of Scotland (RBS) has said that it is planning to cut the total number of technology platforms by 50%, as part of its cost cutting drive and enable the bank to operate smoothly.
Focusing more on the technology aspect, RBS said it will reduce the number of core banking systems from current 50 to 10, while the payments systems will come down from 80 to 10.
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The reduction is part of a strategic restructuring designed by RBS five years ago to bring its business back to profitability following the financial crisis of 2008.
Royal Bank of Scotland CEO Ross McEwan said, "We have made progress over the last year in improving the resilience of our systems and our investments over the next 12 months will maintain that focus.
"Once we have a resilient base, in the following two years we will seek to make progress in building an agile and flexible technology platform that makes banking easier for our customers."
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