The Co-operative Bank has chosen 10x Banking, a cloud-native core banking platform, to lead a multi-year initiative on core migration and digital transformation.
10x Banking is a cloud-native core banking platform designed for financial institutions, founded by former banking executives and built by technologists. It offers security, scalability, and speed, proven through deployments with Westpac, Chase, and Old Mutual. The platform provides a cost-effective and low-risk path to cloud-native transformation via its ‘meta core’ approach.
The collaboration aims to provide core banking infrastructure for The Co-operative Bank, implementing a phased full-platform migration. This initiative will equip the bank for future growth and increase banking services for more than 180,000 customers. The Co-operative Bank is the first customer of 10x in New Zealand, highlighting the company’s commitment and investment in the APAC region.
Digital transformation and community focus
The Co-operative Bank's digital transformation aligns with its goal to foster growth, appeal to community-oriented Kiwis, and cultivate lasting relationships with customers for ongoing support. Importantly, both organisations hold B-Corp certification, establishing a robust basis for collaboration. This partnership will allow The Co-operative Bank to maintain its customer-centric legacy while developing agile, digital services for the future.
Customer-centric approach
The Co-operative Bank is one of the only banks in New Zealand that shares profits with its customers. The company provides all the traditional banking services, including accounts, loans, insurance, and more. However, what sets the bank apart is the ownership of the customers and their commitment to giving back. Since 2013, the bank has returned USD 24 million to customers through rebates. With a national presence and a dedicated team of 400, the company supports over 180,000 customers across New Zealand.
