Co-op announces £150 million IT deal

15:54 18th August 2008

Co-operative Financial Services (CFS) is to completely revamp its hardware and software infrastructure as part of a £150 million programme to transform the businesses' IT.

The Co-op group will seek new vendor partnerships providing services for a complete replacement of legacy kit, in a project set to last three to four years.

The company currently has an old set of banking technologies originally developed in the 1960's, which are expensive to support and slow to release new products on to the market.

Gerry Pennell, executive director for CFS’ business transformation and shared services division, explained that the group wanted to offer customers an "integrated, complete full service" which requires a "modern core platform".

"This work will review all areas of infrastructure, but the exact scope, potential solutions and possible people implications have not been fully defined or explored and nothing is, as yet, a done deal," added Mr Pennell.

The Co-operative group is the UK's largest consumer co-operative and has over 6.5 million customers.

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