Co-op Money NZ, the industry voice representing co-operatively owned credit unions and mutual building societies in New Zealand, has chosen Oracle FLEXCUBE as its core banking system.
The selection of Oracle FLEXCUBE will deliver product flexibility, extensibility and interoperability to its Members, and will provide them with improved accessibility and user friendliness across the branches.
“We are constantly working on improving efficiencies and bringing in solutions that enable our Members to provide the best in services to their members. The Oracle FLEXCUBE solution will replace our existing, legacy core banking system, and will become the one-stop solution for all information across Members that will use the system,” said Henry Lynch, CEO of Co-op Money NZ.
“Co-op Money NZ is a leading example of how the co-operative sector in New Zealand is modernising their infrastructures and applications in order to be faster and more agile when servicing its external stakeholders. Oracle’s FLEXCUBE solution is a smart and intelligent system that offers rich and personalised customer experiences, while potentially improving performance and the IT environment of financial institutions. At Co-op Money NZ it will become an integral part of delivering and supporting efficient services for Co-op Money NZ’s members,” said Venky Srinivasan, Vice President Japan and APAC, Oracle Financial Services
“The Oracle solution was chosen by a majority of our credit union members after an in-depth consultative process that had us discussing its relative benefits and advantages. We are focused on becoming increasingly agile, responsive to Member needs and resilient to change, and Oracle’s FLEXCUBE ticked all those boxes for us,” said Lynch.
Deployment of the Oracle FLEXCUBE solution will start in early 2016.
“Besides the core banking solution, Co-op Money NZ facilitates multiple banking and insurance services, including payment mechanisms and IT facilities that are supported by interactive banking services across phone, text, internet, and mobile devices. Our collaborative approach enables our Members to achieve economies of scale and provide the kind of operational efficiencies required to be successful in a highly competitive market,” added Lynch.