The Co-operative Bank is investing in digital transformation to boost growth. The firm has become the first bank in New Zealand to select cloud-native banking platform 10x Banking to lead a multi-year project of migration and digital transformation.
The partnership will deliver leading core banking infrastructure for The Co-operative Bank (through a phased full-platform migration) which will position the bank for future growth and continue to enable better banking for its 180,000+ customers, according to the announcement.
Banks across the globe are investing in digital transformation to stay relevant, resilient, efficient and secure in a fast-evolving financial landscape.
Digital transformation drives growth and customer relationships
The Co-operative Bank’s digital transition supports an objective to drive growth and develop deeper relationships with customers to support them in the long term, stated a press release. With personal banking customers across New Zealand, the bank sought a platform to improve efficiency and accelerate digital innovation while preserving its customer-first ethos.
The 10x platform will enable comprehensive transformation across a phased migration providing continuity for the bank’s customers while unlocking real-time product innovation, a smooth experience across all platforms and operational efficiencies. This is critical for long term sustainability for The Co-operative Bank and its profit-sharing model that has returned over $24 million to customers since 2013.
“This partnership allows us to preserve our unique values while building leading, responsive banking services our customers deserve,” said Mark Wilkshire, CEO at The Co-operative Bank. “For our customers, whether they’re saving for a first home or managing everyday finances, this partnership helps ensure we’ll be equipped to support their financial lives today and for the future.”
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New Zealand a “dynamic market” undergoing rapid transformation
New Zealand is a dynamic market undergoing rapid transformation, commented Lewis Ide, SVP, APAC at 10x Banking. “By partnering with The Co-operative Bank, we’re bringing our cloud-native platform to a uniquely customer-focused, community-owned institution. We see this as a pivotal moment in APAC’s banking evolution – one where technology empowers banks of all sizes to scale new heights and deliver the secure and personalized experiences customers expect. We’re excited to work together to build better banking experiences for New Zealand’s customers over the next century.”
APAC businesses are leading the way in digital transformation, outpacing global peers in embracing digital tools, according to a recent study by Zoho. It found that the APAC region is ahead in several key areas, outperforming other regions in artificial intelligence (AI) adoption and structured collaboration processes.
The study, conducted across multiple industries and organization sizes, also revealed that APAC’s digital transformation maturity (66.35 percent) overtakes that of developed nations and the global average (62.3 percent).
“This partnership deepens our commitment to the mutual and co-operative sector globally, building on recent successes with member-focused institutions across APAC, Europe and the UK,” said Antony Jenkins, founder and CEO at 10x Banking. “The Co-operative Bank’s customer-first values perfectly align with our mission to make banking ten-times better for everyone, and as fellow B-Corps, we share a cultural DNA.”