The firm has been in discussions with suppliers over what it describes as its largest-ever planned investment in IT.
"We are looking hard at our core banking systems with a view to potentially replacing them. Like most banks, we have a system developed in-house going back to the 1960s," said IT director Gerry Pennell.
The financial services firm also plans to improve business processes by introducing scanning technology. "Rather than passing paper around, we scan it and put it on the network. We have already started doing this in insurance," said Pennell.
"We are also doing things with the way we manage customer data and getting a better understanding of their needs. This means investing in analytical software," he said.