Commonwealth Bank of Australia Ltd (ASX:CBA) has achieved excellent progress in a core banking modernisation program that it has been pursuing since April 2008, the bank said today.

Australia’s largest bank said 1.2 million term deposit accounts and 10 million retail deposit accounts had been moved to the new platform in 2010.
All retail deposit and transaction customers had access to real time banking.

CBA said smart phones are transforming the way people bank, with an increasing number of customers accessing their accounts and making payments on their mobiles.

"The program is already delivering benefits for the bank and its customers," chief executive Ralph Norris said in a presentation on Monday.

"Its real value is how it will position CBA for the real change that will happen in banking."

CBA business deposit accounts are scheduled to be moved to the new platform in 2011, while CommBiz would be integrated.

CommBank reported a half yearly net profit of $3 billion to December 31, 2010. The aims of the modernisation program were to improve customer service, find growth opportunities, increase efficiency and manage risk in aging systems.

Shares in the bank lost 28 cents, or 0.55 per cent, to close at $50.58, the lowest since January 12. The rest of the market also slid after Japan's 8.9 magnitude quake and tsunami on Friday.