Co-operative Bank Adopts 10x Banking Platform for Superior Banking Services in the Coming Century of New Zealand
The Co-operative Bank of New Zealand Embraces Digital Transformation with 10x Banking
The Co-operative Bank of New Zealand is embarking on a significant digital transformation journey, partnering with UK-based 10x Banking to implement the latter's cloud-native core banking platform. This multi-year project aims to modernise the bank's technology, enhancing its services for over 180,000 customers.
The partnership will see a phased full-platform migration over approximately three years, ensuring minimal disruption to customers and continuity of service. With the 10x platform, the bank will have the ability to streamline product offerings and accelerate responses to customer demands and market changes.
Both The Co-operative Bank and 10x Banking are B-Corp certified, sharing a commitment to security, sustainability, and responsible business practices. This partnership reinforces the bank’s values around social and environmental responsibility.
The 10x platform will also support The Co-operative Bank's unique profit-sharing model, which has distributed over NZ$24 million to customers since 2013. The bank aims to increase future profitability and customer value as part of this digital transformation.
Mark Wilkshire, CEO of The Co-operative Bank, stated that 10x Banking aligns with the bank's values as a customer-owned B-Corp. The Co-operative Bank chose 10x Banking to enhance its acclaimed customer experience with innovative digital solutions.
This partnership represents a significant technological leap, positioning The Co-operative Bank as the first in New Zealand to adopt 10x Banking’s platform. It reflects a broader trend towards digital innovation in mutual and cooperative banking globally. Customers can expect to see the initial impact of these changes beginning in late 2026.
Lewis Ide, Senior Vice President, APAC at 10x Banking, views the partnership with The Co-operative Bank as a pivotal moment in APAC's banking evolution. Anthony Jenkins, CEO of 10x Banking, expressed that the partnership deepens their commitment to the mutual and cooperative sector globally.
The 10x platform has already proven successful with the UK's eighth largest building society, West Brom Building Society, indicating accelerating momentum for digital innovation across the mutuals and cooperative banking sector globally. The Co-operative Bank's digital transition aims to attract community-minded Kiwis and develop deeper customer relationships.
The Co-operative Bank's digital transformation aims to improve efficiency and accelerate digital innovation while preserving its customer-first ethos. This partnership will enable The Co-operative Bank to remain nimble and customer-focused in a rapidly evolving financial market, supporting an improved and personalized banking experience in line with The Co-operative Bank’s cooperative values and customer ownership structure.
The 10x platform will be instrumental in The Co-operative Bank's phased migration, contributing to building better banking experiences for New Zealand's customers over the next century.
The partnership between The Co-operative Bank of New Zealand and 10x Banking signifies a strategic move towards modernizing the bank's business operations, leveraging technology to streamline product offerings and better respond to customer demands and market changes. As the first bank in New Zealand to adopt 10x Banking’s platform, The Co-operative Bank aims to digitally innovate while preserving its customer-first ethos in the rapidly evolving finance sector.
