The Co-operative Bank has selected 10x Banking, a cloud-native core banking platform, to spearhead a comprehensive multi-year initiative focused on core migration and digital transformation.

Developed by former banking executives with input from technologists, 10x Banking offers a robust solution combining security, scalability, and speed. It has been successfully deployed at financial institutions such as Westpac, Chase, and Old Mutual. The platform facilitates cloud-native transformation through its innovative ‘meta core’ approach.

The collaboration between the Co-operative Bank and 10x Banking involves a phased full-platform migration to provide core banking infrastructure for the bank. This initiative is expected to enhance the bank’s capabilities and serve more than 180,000 customers effectively. The Co-operative Bank is the first customer in New Zealand, reflecting the company’s dedication and investment in the Asia-Pacific region.

Digital transformation and community engagement

The Co-operative Bank’s digital transformation strategy aligns with its mission to promote growth, attract community-oriented Kiwis, and build enduring relationships with customers for sustained support. Both organizations have B-Corp certification, which provides a strong foundation for their collaboration.

Customer-centric model

A distinctive feature of The Co-operative Bank is its unique business model where it shares profits with its customers. In addition to offering traditional banking services like accounts, loans, and insurance, the bank also focuses on customer ownership and community support. Since 2013, the bank has distributed USD 24 million in rebates back to its customers. With a strong national presence and a committed team of 400 employees, it serves over 180,000 customers across New Zealand.