UK's biggest Co-operative arm deploys FinacleT

LONDON, UK: The Co-operative Financial Services (CFS) has announced that it has chosen FinacleT Universal Banking Solution whereby, CFS, part of The Co-operative Group, the UK's largest consumer co-operative, would replace systems across its back-office and channels in the Retail Banking and Corporate Banking businesses with FinacleT.

The existing technology infrastructure while fit for purpose at present is considered unsuitable for future requirements and CFS has decided to replace the existing legacy systems with a world-class banking solution.

This initiative would also include the implementation of FinacleT core banking, CRM (uniting CFS banking and insurance businesses) and e-banking solutions across the critical home-market operations of CFS in the UK.

A strong customer focus and high operational excellence are vital as part of CFS's future development and growth strategies, added a press release.

David Anderson, chief executive at The Co-Operative Financial Services, said, "The Enterprise Platform programme is a strategic initiative for CFS and deploying the right technology is critical to creating a client-centric business based on our core principles of value, fairness and social responsibility."

The rigorous selection process focused on acquiring a new generation platform to support the group's crucial objectives of product innovation and client-centricity, standardization of platforms and processes, and scalability for future growth. Clive Elliott, Director of Enterprise Platform at The Co-operative Financial Services, commented, "We selected FinacleT from Infosys as our strategic partner in this transformation journey for the strong technical architecture and functionality of the FinacleT solution, extensive domain knowledge of the team and the global experience of working with leading financial institutions. Infosys's approach to sustainability was also important, given the importance we place in this area."

John Hughes, Director of Retail Banking, and business sponsor of the Enterprise Platform Programme said, "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. FinacleT will also enable CFS to acquire and retain customers, achieve sustainable scale, and lower operational costs."

FinacleT has a global footprint across 62 countries. The Co-operative Financial Services is part of The Co-operative Group, which is the world's largest consumer co-operative with over three million members. CFS currently has 5.5m customers and employs over 8,000 staff and has 116 retail and corporate branches and over 1,000 face to face financial advisers.