Switzerland-based retailer Coop has announced its decision to discontinue its financial services application, Finance+, after less than a year from its launch. Following this announcement, Coop Switzerland will discontinue its financial service application, Finance+, which was developed in order to offer payment solutions, banking tools, and individual pension products.

Launched in October 2023, the application also allowed members and customers to do their weekly shopping, pay rent, manage holiday budgets, plan for their retirement, as well as settle mobile phone bills. Finance+ optimised competitive terms, retirement account interest rates, loyalty benefits, and free cash withdrawals at all Coop supermarkets and Coop City warehouses. At the same time, the app focused on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.

More information on the announcement According to officials of the company, Coop decided to discontinue its application due to a lack of demand. Following a short pilot case, the company also mentioned that the demand did not meet the set expectations, while the environment has changed as a result of increased competition in the financial sector in recent months as well. Coop will also be withdrawing from the project, a process which is set to bring together a range of new partners.

However, the financial institution did not mention when this will take place. Coop guarantees that the continued operation of the Finance+ platform will take place until further notice. The application will also provide all services to the full extent in order to meet the expectations of already-existing customers, while follow-on products are also being assessed.

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