Coop Switzerland is to discontinue its financial services app, Finance+, after less than a year
Launched last October, the app allows members to do their weekly shopping, pay rent, settle mobile phone bills, manage holiday budgets and plan for their retirement.
Using cloud-based technology, it offers payment services, banking services and individual pension products.
In a statement announcing the move, Coop said the decision was taken due to a lack of demand.
“Following a short pilot phase, Coop has decided to no longer act as the operator of the Finance+ platform, as the demand did not meet expectations,” it said. “Furthermore, the environment has changed as a result of increased competition in the financial sector in recent months.”
Coop said it would be withdrawing from the project, which brings together a range of partners but did not say when this would happen.
“The exact date has not yet been determined,” it added. “Coop guarantees the continued operation of the Finance+ platform until further notice and will provide all services to their full extent. Follow-on solutions for customers are being assessed.”
The app was launched to provide Coop customers with convenient financial solutions for everyday life, with the retailer saying it had maintained a dialogue with its customers throughout the entire development period. With 95,000 employees and 2.5m members, Coop is one of the country’s largest retail and wholesale businesses. In 2023 it reported total sales of CHF 34.7bn.