New Zealand's Co-operative Bank selects 10x Banking for core replacement
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The partnership will deliver leading core banking infrastructure for The Co-operative Bank (through a phased full-platform migration) which will position the bank for future growth and continue to enable better banking for its 180,000+ customers.
The Co-operative Bank is 10x's first customer in New Zealand, underscoring their focus and investment in the APAC region. The announcement follows the news that 10x Banking is powering the UK's eighth largest building society, West Brom Building society, underscoring accelerating momentum for digital innovation across the mutuals and cooperative banking sector globally.
The Co-operative Bank was recently named Consumer NZ People's Choice Award winner for the fourth consecutive year. To further enhance its acclaimed customer experience with innovative digital solutions, the bank chose 10x Banking as the foundation for its next phase of growth. With personal banking customers across New Zealand, the bank sought a platform to improve efficiency and accelerate digital innovation - while preserving its customer-first ethos.
Mark Wilkshire, Chief Executive Officer at The Co-operative Bank, commented: "10x is a great partner for The Co-operative Bank because they fundamentally understand what matters to us as a customer-owned B-Corp - putting customers before profits. This partnership allows us to preserve our unique values while building leading, responsive banking services our customers deserve. For our customers, whether they're saving for a first home or managing everyday finances, this partnership helps ensure we'll be equipped to support their financial lives today and for the future."
Anthony Jenkins, Founder and CEO at 10x Banking, added: 'This partnership deepens our commitment to the mutual and co-operative sector globally, building on recent successes with member-focused institutions across APAC, Europe and the UK. The Co-operative Bank's customer-first values perfectly align with our mission to make banking ten times better for everyone, and as fellow B-Corps, we share a cultural DNA. We're proud to support their journey as they build the digital foundations for their next century of service."
A shared purpose and values
The Co-operative Bank's digital transition supports an objective to drive growth, attracting community-minded Kiwis, and develop deeper relationships with customers to support them in the long term. Notably, both organisations are B-Corp certified - a strong foundation for a partnership that will enable The Co-operative Bank to preserve its customer-focused heritage while building agile, leading digital services for the future.
The 10x platform will enable comprehensive transformation across a phased migration providing continuity for the bank's customers while unlocking real-time product innovation, a smooth experience across all platforms, and operational efficiencies - critical for long term sustainability for The Co-operative Bank and its profit-sharing model that has returned over $24 million to customers since 2013.
Lewis Ide, Senior Vice President, APAC at 10x Banking, said:
"New Zealand is a dynamic market undergoing rapid transformation. By partnering with The Co-operative Bank, we're bringing our cloud-native platform to a uniquely customer-focused, community-owned institution. We see this as a pivotal moment in APAC's banking evolution - one where technology empowers banks of all sizes to scale new heights and deliver the secure, and personalised experiences customers expect. We're excited to work together to build better banking experiences for New Zealand's customers over the next century."
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