Cooperative Bank Chooses 10x Banking to Fuel Future-Forward Banking in New Zealand's Next Century
The Co-operative Bank of New Zealand is set to undergo a significant digital transformation, partnering with 10x Banking for a multi-year project aimed at modernizing its core banking infrastructure. This partnership marks a pivotal moment in the evolution of New Zealand's banking sector, signifying a shift towards cloud-based, customer-centric, and scalable banking platforms.
Phased Migration to 10x's Core Banking System
The bank's plan involves a phased full-platform migration to 10x's core banking system. This migration is designed to ensure a smooth transition, minimizing disruption to the bank's 180,000+ customers. The move to 10x's cloud-native architecture will make The Co-operative Bank the first in New Zealand to adopt this technology.
Building a Modern Digital Banking Experience
The partnership with 10x Banking will enable The Co-operative Bank to build better, more agile digital banking experiences tailored for its personal banking customers. This shift is aimed at driving growth, attracting community-minded Kiwis, and strengthening customer relationships via innovative digital services.
Preserving Ethical Banking Principles
Despite the digital transformation, The Co-operative Bank remains committed to its customer-first and community-owned ethos. Both The Co-operative Bank and 10x Banking share values around customer focus and responsible business practices, as evidenced by their B Corp certifications.
Setting the Foundation for the Next Century of Service
The digital transformation aims to set a strong foundation for the bank's next century of service, maintaining its reputation for excellent customer experience. The 10x platform will provide continuity for The Co-operative Bank's customers while unlocking real-time product innovation, a smooth experience across all platforms, and operational efficiencies.
A Pivotal Moment in APAC's Banking Evolution
The partnership between The Co-operative Bank and 10x Banking is significant for New Zealand's dynamic market undergoing rapid transformation. Lewis Ide, Senior Vice President, APAC at 10x Banking, sees this partnership as a pivotal moment in APAC's banking evolution. Technology, according to Ide, will empower banks of all sizes to scale new heights and deliver the secure, personalized experiences customers expect.
A Boost for the Co-operative and Mutual Banking Sector
10x Banking is also powering the UK's eighth largest building society, West Brom Building Society, signifying accelerating momentum for digital innovation across the mutual and cooperative banking sector globally. Anthony Jenkins, Founder and CEO at 10x Banking, expressed that the partnership deepens their commitment to the mutual and cooperative sector globally.
In summary, The Co-operative Bank's plan with 10x Banking is to digitally transform its core banking systems through a phased cloud migration that enhances operational efficiency, accelerates innovation, and deepens customer engagement while staying true to its community-owned and ethical banking principles. The bank's recent win of the Consumer NZ People's Choice Award for the fourth consecutive year underscores its commitment to delivering an acclaimed customer experience with innovative digital solutions.
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