The Co-operative Bank NZ Upgrades Core System with 10x Banking
The Co-operative Bank has become 10x's first New Zealand client, with plans to execute its new core over the next three years.
The Co-operative Bank of New Zealand has chosen UK-based vendor 10x Banking's core banking platform to replace its legacy infrastructure as part of a new push to "improve efficiency and accelerate digital innovation."
The bank, 10x's first client in New Zealand, claims the full-platform transfer 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".
According to the bank's announcement, the project would be executed "in phases to minimise disruption," with member benefits expected "from late 2026."
The Co-operative Bank of New Zealand has previously deployed Unisys Corporation's ClearPath Forward systems in 2016 and New Technology Business Solutions' NTBS Banking core in 2008.
"Our current system has served us well, but banking is evolving rapidly," says Mark Wilkshire, CEO of The Co-operative Bank. "This is a long-planned investment in the future of our bank," he says. "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, created by former Barclays CEO Antony Jenkins in 2016, was tasked with implementing a "multi-phase transformation strategy" for West Brom Building Society, the UK's eighth-largest building society, in May 2018. The research, conducted in cooperation with Deloitte, followed news that the London-based vendor was considering a potential sale of its business.