The Co-operative Bank has announced a major technology investment, selecting UK-based 10x Banking to lead the replacement of its core banking system as part of a long-term strategy to improve digital services and modernise operations.
The bank said the upgrade will underpin faster innovation, simpler products and more intuitive digital experiences for more than 180,000 customers nationwide.
Mark Wilkshire, chief executive of The Co-operative Bank, said the project reflects a planned commitment to strengthen the organisation’s future. “This is a long-planned investment in the future of our bank,” he said. “We’re building a stronger, more scalable co-operative that can continue to deliver great outcomes for our customers, not just today, but for decades to come.”
Wilkshire said the new cloud-based platform would allow the bank to streamline its product suite and respond more quickly to customer needs, while supporting its focus on security, sustainability and responsible business practices.
“Our current system has served us well, but banking is changing fast,” he said. “We have chosen a leading, cloud solution that gives us the flexibility to grow, innovate, and keep putting customers first. Banks around the world are grappling with how to replace legacy systems. As a small New Zealand bank, we have the advantage of being nimble and we’re aiming to implement the latest core banking technology over the next three years.”
The upgrade will be delivered in phases to minimise customer disruption, with visible changes expected from late 2026. The bank said the investment will help ensure it can continue its profit-sharing model, which has returned more than $24m to customers since 2013.
Anthony Jenkins, founder and chief executive of 10x Banking, said the partnership aligned closely with the firm’s approach.
“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,” he said.
“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. We’re proud to support their journey as they build the digital foundations for their next century of service.”