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Midcounties Co-op has launched a portal that allows members to access and manage their investments into the society online for the first time.
It said it reinforced fairness and transparency, and would have a “lasting positive impact”, with members no longer needing to manage their investments manually by bank transfers, post or emails.
When becoming a member, they will automatically hold a £1 share in the society. They can decide to invest either through a standard share account or choose fixed-term investments.
Members who invested in the society would benefit from competitive interest rates as well as becoming “part of something bigger”, Midcounties Co-op said.
The society uses member funds to drive “long-term community benefit”, from building new trading sites and expanding services to improving energy efficiency and reducing carbon emissions.
Last year, the society achieved its highest-ever level of member equity, of £87m.
The new portal has been developed in partnership with Mutual Vision, a software company that specialises in banking technology.
“As a co-operative we look after members’ money to help invest in the society and doing good for their communities,” said Midcounties Co-op chief information officer Jacob Isherwood.
“We wanted to choose a savings platform that would ensure we keep their money secure while improving how we manage and monitor their investments.
“We’ve worked collaboratively with the team at Mutual Vision to get the system live and hope our members enjoy the ability to see their investments and how they’re performing online.”
Mutual Vision CEO Tim Bowen said: “We fully replaced Midcounties Co-op’s existing core banking system and delivered a new online banking solution.
“Prior to going live, Midcounties Co-op processed customers by phone, post, or cheque.
“Our approach is fast, flexible, and above all practical. It also gives Midcounties Co-op access to future innovation in the form of MV’s new solutions such as MV Engage.”
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