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The Co-operative moves 120,000 mortgage customers to new brand

  • 15/02/2024
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The Co-operative moves 120,000 mortgage customers to new brand
The Co-operative Bank has migrated around 120,000 mortgage customers from Platform to its own brand in a “major milestone in its mortgage transformation programme”.

The Co-operative Bank mortgage brand was first brought out in September last year, as Platform was rebranded for new business.

The company also brought out a “simplified broker application system”, with the firm noting that the rebrand and improved application system had been “well-received” by brokers.

The Co-operative Bank said that the migration process was part of its “transformation and technology upgrade programme”, which will see the bank retire the “majority of its legacy systems and data centres”.

This will deliver an “improved service for customers, simplify the technical estate, reduce cyber risk and enhance operational resilience”.

The company, which in August agreed to buy Sainsbury’s Bank’s mortgage portfolio, said that customers would not see any change to the terms and conditions of their mortgage and would only see a change in the mortgage brand.

In its latest results, the company said that operating expenditure had grown by 17 per cent year-on-year (YOY) to £316.2m, which was “driven mainly by strategic investment in our mortgage and savings transformation programme”.

It added that completing key projects like Capita mortgage insourcing, where 400 colleagues joined the bank in the first half of the year, was also a factor.

The firm said that non-staff costs had risen to £43.3m in Q3 2023, which included £1m relating to its transformation programme and “increased advisory costs as the bank explores potential strategic opportunities”.

The next phase of the project is to migrate remaining mortgage customers from the Britannia brand to The Co-operative Bank later this year, and then its mortgage transformation programme will be complete.

Nick Slape (pictured), chief executive officer at The Co-operative Bank, said: “This is a significant milestone in our transformation programme, and as a result, we have exited a legacy mortgage system 14 years after it was acquired. This now means over 80 per cent of our mortgage customers are serviced by modern, scalable systems under The Co-operative Bank brand.

“This migration demonstrates our commitment to innovation and our dedication to providing the best possible service to our customers. It would not have been possible without the hard work and support of our colleagues and partners, who have been instrumental to the success of the project.”

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