Press Release

ThoughtWorks Wins Prestigious National Award for Innovative Superannuation Product

30 May 2008 - ThoughtWorks Australia has won the prestigious 2008 Financial Applications iAward for the innovative BT Super for Life application it developed for BT Financial Group, a wholly-owned subsidiary of Westpac Bank. ThoughtWorks and BT, who jointly nominated for the award, were honoured at a gala awards ceremony held at Melbourne's Crown Casino last night, attended by 800 industry leaders.

The annual iAwards, held by the Australian Information Industry Association, recognise the most outstanding information and communications technology innovators in Australia. Judging criteria for the iAwards include uniqueness and trendsetting, market share potential, transparency and impact on quality of life.

Australia has one of the most advanced retirement savings programs in the world, with over 70% of funds under management coming from superannuation. Favourable taxation treatment and changes to legislation that have given consumers their choice of superannuation fund have presented financial service providers an immense marketing opportunity. Nonetheless, many in the industry are struggling to meet consumer demand for user-friendly products, independent financial advice and low fees.

The BT Super for Life product made an immediate impact in the Australian market, receiving the SuperRatings Fund of the Year award for Best New Product within two weeks of its launch.

ThoughtWorks Director of Sales and Marketing, Keith Dodds said that an Agile approach to software development allowed them to develop a product that combines best-of-breed technology with an excellent experience for BT/Westpac's customers.

"This was a complex project because the solution we developed needed to integrate with over 70 BT, Westpac and third party software systems, many of which had never been integrated before.

"Our team, which was spread between Sydney and Bangalore, employed Agile development techniques, demonstrating working software to our client every two weeks. Continuous feedback and collaboration allowed us - and BT - to evolve our ideas throughout the development phase.

"The result is a low-fee superannuation product that integrates with online and telephone banking, provides simple investment alternatives, converts credit card points to superannuation dollars and provides no questions asked life insurance.

"There is strong consumer demand for increased transparency and better online services, and we are pleased to be at the forefront of delivering these. BT Super for Life has raised the bar for customer self-service and innovation, setting a new competitive standard for the rest of the industry", Mr Dodds said.

Catherine Galton, Head of Product for BT Super for Life, said that the win was a testimony to the strong partnership between BT Financial Group and ThoughtWorks.

"The agility of ThoughtWorks and their focus on delivery was fundamental to BT being able to create this revolutionary super product. We are passionate about making it easier for Australians to own and manage their life savings, and with the advantage of our ThoughtWorks partners, we've been able to make the vision a reality with BT Super for Life", she said.

About ThoughtWorks

ThoughtWorks, Inc. is a transnational IT professional services firm providing application development and systems integration services to Global 1000 companies. The company's leadership in the practical application of Agile methods on enterprise class projects allows its people to deliver higher quality solutions more quickly and cost effectively, while giving client business leaders greater program and project control. ThoughtWorks' Web site is [www.thoughtworks.com]

Contact:
Keith Dodds
Director, Sales and Marketing
ThoughtWorks Australia
T: 02 9224 1700
M: 0401 693 413
E: kdodds@thoughtworks.com

Ben Hornbrook
Reputation Pty Ltd
T: 02 8252 7005
M: 0432 892 251
E: bhornbrook@reputation.net.au