4 days ago
Co-operative Bank partners with 10x Banking for digital upgrade
10x Banking's core banking platform is set to be deployed in New Zealand following a partnership agreement with the Co-operative Bank.
The partnership will see the Co-operative Bank migrate its core banking infrastructure to 10x Banking's cloud-based platform in a phased, multi-year project. The migration is intended to support future growth, operational efficiency and continued delivery of services to more than 180,000 customers across New Zealand.
The Co-operative Bank is the first New Zealand client for 10x Banking, and the move marks an increased focus on the Asia-Pacific region by the technology provider. 10x Banking recently announced its platform is powering the UK's West Brom Building Society, reflecting continued uptake of cloud technology among mutual and co-operative institutions globally.
The Co-operative Bank, a customer-owned mutual, is the only New Zealand bank of its kind that shares profits with customers, having distributed more than NZD $24 million since 2013. The bank was also named the Consumer NZ People's Choice Award winner for the fourth year in a row. Its collaboration with 10x Banking aims to build on its existing customer experience by adopting digital solutions that meet contemporary needs.
Mark Wilkshire, Chief Executive Officer at the Co-operative Bank, said the selection of 10x Banking was a strategic decision to preserve the bank's ethos while enabling further innovation in customer services. "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 Chief Executive Officer at 10x Banking, stated that the agreement furthered the company's efforts to support mutual and co-operative banking clients worldwide. "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."
Both the Co-operative Bank and 10x Banking are B Corp certified, each committed to customer-first approaches and ethical business operations. The bank's digital transformation is positioned as a means of sustainable growth while seeking to provide more meaningful relationships with customers and maintain its profit-sharing model.
The migration to the 10x Banking platform is expected to deliver benefits in operational continuity, development of real-time product innovation and improved experiences across channels. According to the companies, such a transition is essential for sustaining the Co-operative Bank's long-term ability to share profits and maintain competitive, community-focused financial services in New Zealand.
Lewis Ide, Senior Vice President, APAC at 10x Banking, highlighted the significance of the move for local banking technology development. "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."
The phased approach to the core banking migration is designed to ensure minimal disruption for customers while granting the Co-operative Bank greater agility in launching new services and responding to evolving customer needs.
Since 2013, the Co-operative Bank has returned more than NZD $24 million to its customer-owners through its profit-sharing scheme. The bank reports it currently employs a team of 400, serving customers nationwide through its physical and digital channels.
The partnership's focus on shared values and sustainable banking practices comes at a time of increasing digital transformation initiatives across the New Zealand banking sector.
