Co-operative Financial Services (CFS) is replacing software supporting its back-office, retail and corporate banking channels with Finacle, an integrated platform supplied by Infosys.
The software will also be implemented for the bank’s customer relationship management in its banking and insurance divisions, as well as online services.
With the rollout of the new system, CFS hopes to improve its view of customers and service, while minimising risks associated with the transformation and reducing cost.
This project is part of an IT overhaul that began last August and is expected to last for about three to four years. The revamp was prompted by the bank’s need to speed up time to market and to reduce maintenance-related costs of the legacy set-up.
“At CFS we have a very old set of core banking technologies that were developed in the 1960s,” Gerry Pennell, then executive director for CFS’ business transformation and shared services division told Computing last year.
“Those systems are becoming very expensive to support, slow to get new products out to market on and cost us quite a lot of money when it comes to meeting regulatory requirements,” said Pennell, who has since left CFS to become chief information officer for the London 2012 Olympics.