Coop no longer pursuing its own banking app project
Published: Thursday, Aug 8th 2024, 08:30
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The retailer Coop is no longer pursuing the project launched last fall to develop its own banking app. Demand for the "Finance+" app did not meet expectations, the retailer announced on Thursday.
As one of several partners in "Finance+", Coop will withdraw from this project, according to the press release. The exact date has not yet been set. With the digital "Finance+" offering, Coop wanted to enable customers to "easily" open a savings and private account, make payments and save for private pension provision in pillar 3a.
In addition to the lack of demand, Coop also refers to the environment in the press release: this has changed in recent months due to increased competition in the financial sector.
The exact date of Coop's withdrawal from "Finance+" has not yet been determined. For the time being, the company will ensure the operation of the platform and provide all services in full, Coop emphasizes in the press release. Follow-up solutions are currently being examined for customers.
For the time being, the pension offering in particular will continue unchanged, as Glarner Kantonalbank (GLKB) emphasizes in its own press release. The cantonal bank is currently working on a successor solution for its continuation. GLKB acts as custodian bank and asset manager of the Liberty 3a Pension Foundation for the "Finance+" pension offering.
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