HELP!! Replacement window frame trim

Hey guys,
We have these odd window moldings on the exterior of our house (refer to attached pics). Would love your opinion and advice on what we can do to replace these, preferably without having to replace / install completely new full side windows.
The house is approximately 40 years old so may have been the in thing at the time; however trying to modernise the house exterior these really are an eye sore. Absolutely hate them lol
We’ve not seen these anywhere so would love your help on a fix! 😊
I’m thinking timber or some other material resurfacing..

Cheers,
Wayne

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Should be easy enough to replace with an appropriate panelling solution. Looks like they just have to be screwed or drilled out and then put the new panel in. Painted blue (villa) board would do the trick, just make sure to check the waterproofing and reapply if necessary.

Try levering off the decorative mould. Maybe you can just finish with filler.