core banking<\/a> platform that will reshape the way member deposits are managed. The initiative represents a significant step in Coop\u2019s digital transformation journey, ensuring that the financial backbone of one of Norway\u2019s largest cooperative networks is modern, agile, and future-ready.<\/p>\nCoop, collectively owned by 57 independent cooperatives and serving more than 2.3 million members, operates a unique model where every member makes a statutory deposit upon joining, with the option of voluntary interest-bearing deposits. These deposits are fundamental to Coop\u2019s member-centric proposition, and the new platform will enhance their administration with advanced scalability, security, and transparency.<\/p>\n
\u201cAt Coop, safeguarding the deposits of our millions of members is both a legal obligation and a long-term commitment. We need a future-proof solution that strengthens operational efficiency while enhancing the member experience. Working with Knowit and Mambu allows us to deliver a modern, compliant, and resilient core banking platform that supports our growth and reinforces member trust,\u201d said Jens Olav Bj\u00f8rnson, Head of Digital Channels, Loyalty and Marketing Technology at Coop Norge.<\/strong><\/p>\nThe new platform is powered by Mambu\u2019s cloud-native, SaaS-based core banking engine and will be seamlessly integrated into Coop\u2019s IT ecosystem by Knowit, which will act as the lead system integrator. Together, the two partners bring a blend of technological innovation and regional expertise to ensure a smooth transition from legacy systems to a digital-first infrastructure tailored to Coop\u2019s cooperative model.<\/p>\n
\u201cTraditional systems make it increasingly difficult for financial institutions to keep pace with evolving customer and regulatory demands. With Mambu, Coop gains a cloud-native core banking platform designed for agility, scalability, and compliance readiness. Together with Knowit, we are delighted to help Coop redefine the way member deposits are managed for the digital age,\u201d said Jorno Levels, Commercial Lead Nordics & Baltics at Mambu<\/strong>.<\/p>\nThe modernisation programme is planned over a four-year period, with options to extend annually for up to eight years. Development of the new system is already underway, positioning Coop at the forefront of digital innovation in cooperative banking.<\/p>\n","protected":false},"author":35851,"featured_media":569375,"parent":0,"template":"","categories":[11395,11381,41695,41779,11382,11368,11375,11376,11379,35279,41795,11378,11384,11397],"tags":[12663,11649,12004,11438,11409,11508,12472,11769,11549,11515],"class_list":["post-569686","ibsi_news","type-ibsi_news","status-publish","has-post-thumbnail","hentry","category-analytics","category-artificial-intelligence","category-banking-as-a-service-baas","category-banktech","category-cloud","category-core-banking","category-cybersecurity","category-digital-banking","category-lending","category-loans","category-mobile-banking","category-open-banking","category-payments","category-saas","tag-ai","tag-digital-banking","tag-digital-lending","tag-digital-payments","tag-digital-transformation","tag-europe","tag-financial-inclusion","tag-financial-institutions","tag-financial-services","tag-fintech"],"acf":[],"yoast_head":"\n
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