Financial co-operative NZCU Baywide has become the latest member of Co-op Money to launch a new core banking system based on Oracle Flexcube.
Co-op Money NZ, which represents co-operatively owned credit unions and mutual building societies in New Zealand, announced in January 2016 that it had chosen Oracle Flexcube as a new core banking system that would be rolled out to all members.
At the time Oracle said Co-op Money NZ’s members represented approximately 200,000 members and have more than 95 branches with assets of over $1.5 billion and collectively are the sixth largest financial transactor by volume in New Zealand.
NZCU Baywide said the new platform will serve its 30,000 customers, spread across its branch and nationwide online banking network and had replaced technology that had been installed prior to the mass use of internet and mobile banking. “It was installed over the weekend of 2-4th March and has been operational across the Credit Union’s network over the last week.”
It said the multi-million dollar project would put in on par with the technology used by leading tier one banks and give it the flexibility to grow its customer base and add many more services and systems in the future.
Chairman Iain Taylor said: “This is the largest change project we’ve carried out in our 47 year history and it responds to the needs of customers who are familiar with the types of systems used by leading mainstream banks - while we needed to be on a par with them, we also have ambitions for even better services in the future.
“We pressed go last Sunday 4th March and have been ensuring a smooth transition for customers since then. The changeover was preceded by a long campaign of information through branches, letters, emails, texts, Facebook and our website, and we are continuing this to make sure all our customers are fully informed.”
He added: “We are already working on phase two, which is modernising our internet and mobile banking platforms. Both these projects will be delivered at a later date.”
The bank announced its planned move to Flexcube in November 2016 with CEO Gavin Earle saying:
"The conversion of our core banking system to the ultra modern market leading Flexcube system from Oracle, to replace our aging system, represents a step-change in NZCU Baywide's future technological capabilities. … The new system … will immediately deliver significant benefits in terms of capability, speed, agility, operational efficiencies, as well as exposure to Oracle's worldwide innovation budget going forward.”