The Co-operative Bank, a New Zealand-based and registered bank, has initiated a significant overhaul of its core banking system, partnering with UK-based 10x Banking to spearhead the transformation.
The bank aims to enhance its technological infrastructure, facilitating faster innovation and the development of more straightforward and intuitive digital services for over 180,000 customers nationwide.
The Co-operative Bank CEO Mark Wilkshire said: “This is a long-planned investment in the future of our bank. We’re building a stronger, more scalable co-operative that can continue to deliver great outcomes for our customers, not just today, but for decades to come.”
Wilkshire added: “Our current system has served us well, but banking is changing fast. We have chosen a leading, cloud solution that gives us the flexibility to grow, innovate, and keep putting customers first. Banks around the world are grappling with how to replace legacy systems.
“As a small New Zealand bank, we have the advantage of being nimble, and we’re aiming to implement the latest core banking technology over the next three years.”
The transition to the new platform is expected to streamline the bank’s product offerings and enable a quicker response to customer demands.
It will also reinforce the bank’s dedication to security, sustainability, and responsible business practices, with both entities holding B Corporation certification.
The implementation will occur in stages to reduce disruption, with customers anticipated to experience changes starting in late 2026.
Since 2013, The Co-operative Bank has distributed over NZ$24m to customers via its profit-sharing model. The bank believes this investment will support future profit-sharing and enhance service delivery.
10x Banking founder and CEO Anthony Jenkins said: “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.”
