The Co-operative Bank has migrated 120,000 mortgage customers from its Platform hub to the new The Co-operative Bank for Intermediaries mortgage brand.
The lender says the move is part of a wider technology upgrade, “which will see the bank retire the majority of its legacy systems and data centres” later this year.
It adds the new hub “will help to deliver an improved service for customers, simplify the technical estate, reduce cyber risk and enhance operational resilience”.
The bank says over 80% of its mortgage customers are now on the new system, with Britannia brand mortgage customers scheduled to migrate “later this year,” which will complete the migration of all of its home loan borrowers.
The Co-operative Bank chief executive Nick Slape says: “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 migration demonstrates our commitment to innovation and our dedication to providing the best possible service to our customers.”
The Co-op Bank announced its merger with Britannia Building Society in 2008, during the height of the financial crisis, which was completed it in 2009.
The fact is, the Co-op service standards have deteriorated, on a massive scale. They have great team, who are really helpful, when you eventually get to speak to someone, but when you have to wait 2 hours for that to happen, it is totally unacceptable.
Furthermore, they are taking ages to actually check, downloaded documents and communicate with us. Their turn-round times are far too slow!
They have gone from great to ok to unacceptable!
Just wanted to say that if you are a mortgage broker trying to deal with the Co-op bank at the moment, their systems seem to have gone backwards. Extremely long waiting times to speak to anyone and very long turnaround times for any new or existing business. This really does need to improve and quickly.