The Co-operative Bank is starting a three-year replacement of its core banking system using British provider 10x Banking.
The bank says replacing the core technology platform will provide a foundation for faster innovation, simpler products, and more intuitive digital services for its 180,000+ customers up and down the country.
CEO Mark Wilkshire says the investment has been long-planned, but will, when it's complete, enable the bank to scale up its offer in personal banking with a "global leading system."
"It will allow us to go to market more quickly.
"If you look overseas, the system has landed well with customers, especially digital banks, with a range of features.
"There's no single product, just generally better customer experience."
For example, it will make it easier to join the co-operative, or to navigate through the requirements of anti money laundering regulations.
The replacement will be done in phases over three years and customers will see changes from late 2026.
The Co-operative Bank had a mortgage book of $3.2 billion at 31 March 2025, and $3.2 billion of deposits.
It reported a pre-tax profit of $12.5 million and distributed $2.5 million to its owner-customers.
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