Coop Norge SA (Coop) has announced the selection of Knowit and Mambu to support the implementation of a new core banking system for managing member deposits.

Modernizing Member Deposit Management

The newly implemented solution, powered by Mambu’s cloud-native core banking platform and managed by Knowit, aims to modernize and simplify the handling of member accounts across Norway. Coop, owned by 57 independent cooperatives, has a total membership base of around 2.3 million individuals who must make a membership deposit when joining.

The focus is on enhancing Coop’s services for members while ensuring secure, transparent, and scalable management of these accounts.

Collaborative Effort for Modernization

Under this agreement, Knowit will act as the primary system integrator, with Mambu providing the core banking engine via its SaaS platform. The collaboration is designed to create a customized cloud-based core system tailored to Coop’s cooperative structure. The project duration is four years, with an option for renewal up to eight years.

Representatives from Coop highlighted that, as a cooperative entity with a broad user base and long-term responsibility for protecting member deposits, the organization needs a modern and efficient core banking solution. Partnering with Knowit and Mambu will enable Coop to deliver a platform that supports operational efficiency, regulatory compliance, and improved member experience.

Knowit emphasized that combining its expertise in modernizing financial services across the Nordics with Mambu’s technology ensures a seamless transition beneficial for Coop’s members in the long term.