Retailer Coop Norway has announced plans for a new core banking solution to manage its member deposits.
The Oslo-based co-op is working on the project with Mambu, which specialises in digital banking tech, and IT consultancy Knowit.
It plans to deploy Mambu’s Software-as-a-Service (SaaS) core banking platform, which will be integrated into the co-ops existing infrastructure by Knowit, which will serve as the lead system integrator.
Development work is already in progress, with the project structured as a four-year engagement, with options to extend annually for up to eight years.
Coop Norway is owned by 57 independent co-operatives, which together serve over 2.3 million members. This latest technology overhaul will focus on the mutual’s deposit account service, with the new core banking system being deployed to “ensure they are managed with security, transparency, and scalability”, says Mambu.
Related: Co-op Bank of New Zealand replaces core system to chase growth
“As a co-operative with millions of members and a long-term responsibility to safeguard their deposits, Coop needs a future-proof core banking solution,” said Jens Olav Bjørnson, head of digital channels, loyalty and marketing technology at Coop Norway.
“We are excited to work with Knowit and Mambu to deliver a modern platform that will support efficient operations, ensure regulatory readiness, and improve the overall member experience.”
“We’re proud to support Coop in delivering a robust and flexible core banking system,” said Jan Georg Lehmann, chief commercial officer at Knowit. “Our experience in modernising financial services across the Nordics, combined with Mambu’s proven technology, ensures a smooth transition that will serve Coop’s members for years to come.”
Jorno Levels, commercial lead Nordics & Baltics at Mambu, added: “Legacy systems make it difficult to meet growing consumer and regulatory demands. With Mambu, Coop gains a cloud-native core banking platform that provides agility, compliance-readiness and scalability.”
