Source: The Co-operative Bank
The Co-operative Bank has announced a major investment in its future, selecting UK-based 10x Banking, a leading customer-centric core banking provider, to lead the replacement of its core banking system. Like The Co-operative Bank, 10x Banking is built around a customer-first philosophy, making them a strong strategic fit for such a significant investment.
Replacing the bank’s core technology platform will provide a foundation for faster innovation, simpler products, and more intuitive digital services for its 180,000+ customers up and down the country.
“This is a long-planned investment in the future of our bank,” said Mark Wilkshire, Chief Executive of The Co-operative 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.”
The new platform will assist the bank to simplify its product suite, and respond more quickly to customer needs. It also will continue to strengthen the bank’s commitment to security, sustainability, and responsible business, with both organisations certified as B Corporations.
“Our current system has served us well, but banking is changing fast,” said Wilkshire. “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 replacement is being delivered in phases to minimise disruption, with customers expected to see changes from late 2026.
Since 2013, The Co-operative Bank has returned over $24 million to customers through its profit-sharing model. The bank says this investment will help ensure it can continue to share the gains in future and deliver even better service.
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.”
About The Co-operative Bank
The Co-operative Bank is the only bank in New Zealand to share its profits with its customers. We offer what you’d expect from a bank – accounts, lending, insurances and more but we’re truly different from other banks in that we’re owned by our customers, and we were built on the idea of giving back. Since 2013 we have shared over $24 million with our customers in the form of rebates. We have a national network and a team of 400 people supporting more than 180,000 customers across New Zealand.
