Wellington, New Zealand and London, UK, 11 August 2025 – The Co-operative Bank, the only customer owned bank in New Zealand to share profits with its customers, has become the first bank in New Zealand to select 10x Banking, the cloud-native core banking platform, to lead a multi-year project of core migration and digital transformation. The partnership will deliver leading core banking infrastructure for The Co-operative Bank (through a phased full-platform migration) which will position the bank for future growth and continue to enable better banking for its 180,000+ customers.
The Co-operative Bank is 10x’s first customer in New Zealand, underscoring their focus and investment in the APAC region. The announcement follows the news that 10x Banking is powering the UK’s eighth largest building society, West Brom Building Society, underscoring accelerating momentum for digital innovation across the mutuals and cooperative banking sector globally.
The Co-operative Bank was recently named Consumer NZ People’s Choice Award winner for the fourth consecutive year. To further enhance its acclaimed customer experience with innovative digital solutions, the bank chose 10x Banking as the foundation for its next phase of growth. With personal banking customers across New Zealand, the bank sought a platform to improve efficiency and accelerate digital innovation – while preserving its customer-first ethos.
The Co-operative Bank’s digital transition supports an objective to drive growth, attracting community-minded Kiwis, and develop deeper relationships with customers to support them in the long term. Notably, both organisations are B-Corp certified - a strong foundation for a partnership that will enable The Co-operative Bank to preserve its customer-focused heritage while building agile, leading digital services for the future.
The 10x platform will enable comprehensive transformation across a phased migration providing continuity for the bank’s customers while unlocking real-time product innovation, a smooth experience across all platforms, and operational efficiencies – critical for long term sustainability for The Co-operative Bank and its profit-sharing model that has returned over $24 million to customers since 2013.