The Cooperative Bank is expanding its long-standing relationship with Fiserv by adopting its FinKit for Open Banking solution.
Finkit is a cloud-based managed service delivery model. It will help the Cooperative Bank facilitate many aspects of open banking compliance. This includes secure customer authentication and management of trusted third parties (TPPs).
FinKit includes access to pre-built APIs and facilitates ongoing compliance through API version control and publishing.
The aim is to position The Cooperative to respond effectively to the rapid pace of regulatory and industry change.
Darrell Evans, products and marketing director, The Co-operative Bank, said:“We are delighted to expand our long-standing relationship with Fiserv as we move ahead with our open banking strategy.”
“The technology and innovation of Fiserv and their expertise in best practices from across the globe enables us to move forward with our plans and maximise the opportunities open banking presents for our customers.”
Digital key after 3 in 4 Coop branches closed
Optimising its digital capabilities is key to the Cooperative Bank’s future as a result of its aggressive branch closing strategy.
By UK banking brand, the Cooperative Bank has closed the largest percentage of its network in recent years.
As recently as late 2013, the Coop Bank branch network totalled 291 outlets. The Cooperative Bank branch network peaked at 373 branches in 2009 following its disastrous acquisition of Britannia Building Society.
Since late 2013, more than three in four Coop branches have closed. In addition, Coop kicked off 2018 with news of 27 branch closures, reducing its network to 68 outlets.
The Coop has also been a regular net loser in the quarterly 7 day-account switching stats. In the first quarter of 2018, the Coop lost a net 14,000 customers.
The Coop Bank recorded an adjusted loss before tax of £140.3m for fiscal 2017. This did however represent a reduction of £336.8m compared to fiscal 2016.
The Coop Bank has traditionally scored well against its peers for customer service. But in the Competition and Markets Authority personal banking league table published in August the Coop performed poorly. The Coop ranked third bottom of 16 brands ahead of only RBS and Clydesdale Bank.