New Zealand’s Co-operative Bank is replacing its core banking system in a “major investment” as it looks to scale up.
The bank, which has more than 180,000 customers, has opted for UK-based provider 10x Banking, a fellow B Corporation, to lead the project, which it says will “provide a foundation for faster innovation, simpler products, and more intuitive digital service”.
II added that the project will take the next three years to complete, with the cost in the tens of millions.
“This is a long-planned investment in the future of our bank,” said CEO Mark Wilkshire. “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.”
The bank, which has returned over NZ$24m to customers through profit sharing since 2013, says the new platform will help it to continue to share its gains. It will also allow it to simplify its product suite, respond more quickly to customer needs, and strengthen its commitment to security, sustainability, and responsible business, it added.
“Our current system has served us well, but banking is changing fast,” said Wilkshire. “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 replacement is being delivered in phases to minimise disruption, the bank said, with customers expected to see changes from late 2026.
Anthony Jenkins, founder and CEO at 10x Banking, added: “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.
“The Co-operative Bank’s customer-first values perfectly align with our mission to make banking 10 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.”
