The Co-operative Bank has launched a major technology investment, selecting UK-based 10x Banking to lead the transformation of its core banking platform.
This marks 10x Banking’s inaugural partnership in New Zealand and represents a key milestone in the bank’s long-term strategy to strengthen its co-operative model and better serve its 180,000-plus customers nationwide.
The bank aims to create a more agile foundation for faster product innovation, simplified offerings, and enhanced digital experiences by replacing its existing legacy system with 10x’s cloud-native platform. The phased implementation is planned to minimise disruption, with customers beginning to notice improvements by late 2026.
Mark Wilkshire, chief executive of The Co-operative Bank, said the change was essential given the evolving banking landscape. He explained, “Our current system has served us well, but banking is changing fast.
“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,” he added.
Both The Co-operative Bank and its new technology partner are certified B Corporations, displaying their shared commitment to ethical business, sustainability, and customer-centred values. This partnership dovetails with the bank’s ongoing efforts to prioritise security, responsible governance, and social impact.
Since 2013, the bank has returned more than $24 million to customers through its profit-sharing programme, and this technology upgrade will support its ability to continue delivering value and better service for member-owners.
Anthony Jenkins, founder and CEO of 10x Banking, highlighted the cultural synergy between the organisations.
“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,” Jenkins stated.
This transformation is expected to boost operational efficiency, accelerate digital development, and allow the bank to respond more swiftly to customer needs, ensuring it remains competitive in New Zealand’s shifting banking sector.
The Co-operative Bank’s adoption of modern, cloud-based technology reflects its agility and dedication as a smaller, customer-owned institution focused on delivering superior outcomes and long-term value.