Co-op contracts with Finacle for core banking overhaul

Co-op contracts with Finacle for core banking overhaul

Co-operative Financial Services has selected the Finacle universal banking system from Infosys to replace its legacy technology infrastructure.

The Co-op says its current infrastructure, while currently fit for purpose, is unsuitable for future needs, prompting the decision to replace it with the Finacle platform as part of a business transformation programme.

Finacle will replace systems across the back-office and channels in the retail and corporate banking businesses. The implementation will cover core banking, CRM (uniting banking and insurance businesses) and e-banking across home-market operations in the UK.

John Hughes, director, retail banking, Co-operative Financial Services, says: "Once the new platform is implemented CFS will be able to create a differentiated customer experience through innovative products, a unified customer view and seamless integration across channels. Finacle will also enable CFS to acquire and retain customers, achieve sustainable scale, and lower operational costs."

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