Independent stock market research house Fat Prophets has been impressed with last week's FY 2014 profit report from Suncorp, giving the banking division's technology upgrade an interim tick of approval. "The market certainly likes what it heard and has reacted positively, with shares up strongly in trading post the announcement," the analysts noted. They added that shares in Suncorp were in the black, "to the tune of approximately 15 per cent year to date and about 21 per cent over the past twelve months." Among the list of "positives" among the technology-driven simplification "initiatives", is the program dubbed 'Project Ignite'. This is the overhaul of the Suncorp banking division's core technology systems to streamline the business, and improve customer service and product development.Suncorp Bank's CEO, John Nesbitt, recently described Ignite as "simplification and automation on steroids." Fat Prophets analysts singled out Ignite for a progress report.They said the transformation, if successful, would decommission 12 of the 17 complex legacy systems in the business. It would "leverage straight through processing capabilities to re-engineer some 580 processes, dramatically reduce duplication and rationalise the bank product set by 50 per cent," according to the Fat Prophets report. One aim of the project is to deliver a cost-to-income ratio of below 50 per cent by 30 June 2016, with an approximate 4 per cent improvement slated to come from Ignite.Simplification projects are on track to deliver $225 million in savings in FY 2015, increasing to $265 million in savings in FY 2016, building on prior savings from Suncorp's 'Building Blocks' program.Suncorp has identified further opportunities in its supply chain and business intelligence projects, according to Fat Prophets.