Co-operative Financial Services is to install the Finacle banking systems product from Infosys to replace back-office and sales channel systems in its retail banking and corporate banking operations.
The Co-op bank will also implement Finacle core banking, CRM, which will link both CFS banking and insurance businesses, to enhance cross selling, and e-banking solutions for its home-market operations.
Clive Elliott, Director of Enterprise Platform at The Co-operative Financial Services, said, “We selected Finacle for the strong technical architecture and functionality of the 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.”
CFS embarked on a major infrastructure investment programme in 2007, which it said “has delivered significant underlying cost reductions,” through reduced staffing levels, improved procurement, simplified business processes and improved functionality.
The organisation is also seeking to integrate the Britannia Building Society, which it agreed to purchase in January 2009.
The Finacle platform is in use across 62 countries, Infosys said.