The Co-operative Bank in New Zealand has selected UK-based vendor 10x Banking’s core banking platform to replace its legacy infrastructure, under a new initiative to “improve efficiency and accelerate digital innovation”.
The bank, 10x’s first client in New Zealand, says the full-platform migration will aim to provide “a foundation for faster innovation, simpler products, and more intuitive digital services for its 180,000+ customers up and down the country”.
The project is expected to be delivered “in phases to minimise disruption”, according to the bank’s statement, with member benefits expected to emerge “from late 2026”.
Previous technology selections made by The Co-operative Bank in New Zealand include the ClearPath Forward systems of Unisys Corporation, adopted in 2016, and the NTBS Banking core of New Technology Business Solutions in 2008.
“Our current system has served us well, but banking is changing fast,” comments Mark Wilkshire, CEO of The Co-operative Bank. “This is a long-planned investment in the future of our bank,” he continues. “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.”
Back in its home market, 10x, which was founded by former Barclays chief executive Antony Jenkins in 2016, was enlisted to action a “multi-phase transformation strategy” for West Brom Building Society, the UK’s eighth largest building society, in May this year. The project, being conducted in partnership with Deloitte, followed reports that the London-headquartered vendor was exploring a potential sale of its business, according to Sky News.
Source: https://www.fintechfutures.com/
