Coop Norge SA (Coop) has announced that it has selected Knowit and Mambu to support it in implementing a new core banking system for member deposit management.
With the newly rolled out solution, enabled by Mambu’s cloud-native core banking platform and integrated into Coop’s infrastructure by Knowit, the company seeks to modernise and simplify the management of member accounts across Norway. Owned by 57 independent cooperatives, Coop has a merged membership base of approximately 2.3 million individuals, with each member being required by law to make a membership deposit when joining.
These accounts focus on advancing Coop’s member offering, while the new core banking system will ensure they are managed securely, transparently, and with scalability in mind.
Flexibility and security in banking
As part of this collaborative agreement, Knowit is set to act as the lead system integrator while Mambu offers the core banking engine through its SaaS platform. By working together, the two companies plan to facilitate a modern, cloud-based core system personalised to Coop’s cooperative model. The project will run for four years, with the three organisations having the option to extend annually for up to eight years. At the time of writing, the development of the new core banking platform was already ongoing.
Furthermore, commenting on the move, representatives from Coop emphasised that, considering that as a cooperative having an extended user base and a long-term responsibility to safeguard their deposits, the organisation requires a modern and optimal core banking solution. Collaborating with Knowit and Mambu enables Coop to deliver a platform that can support efficient operations, ensure regulatory readiness, and improve the member experience. At the same time, Knowit mentioned that merging its experience in modernising financial services across the Nordics with Mambu’s technology ensures an augmented transition that will serve Coop’s members in the future.
