Deloitte has strengthened its commitment to innovation in the banking sectors as it partners with 10x Banking, the cloud-native SaaS core banking platform. Together, the firms will look to strengthen cooperation in delivering technology-enabled transformation to financial institutions globally.
A series of 10x Banking Centres of Excellence is set to be rolled out in the US, UK and India to increase 10x capability within Deloitte. Furthermore, a team of 10x-certified developers will be created featuring business analysts and architects among others, starting with a cohort of 100 by the end of 2024. These Centres of Excellence will allow 10x and Deloitte to collaborate closely to help financial institutions deliver best-in-class experiences to their customers, at a lower cost-to-serve and with reduced risk.
Commenting on the collaboration, Antony Jenkins, founder, chair and CEO of 10x Banking said: “By working with Deloitte, we will enable banks and mutuals across the US, UK and beyond to modernise their legacy tech. We will help them deliver financial products and services fit for the 21st century. Also, with Deloitte’s global experience and our leading technological solutions, we have a strategy in place to enact widespread change in the pursuit of making banking ten times better.”
Integrating into BankingSuite from Converge
The alliance will see the 10x Platform fully integrated into ‘BankingSuite from Converge’ by Deloitte. This is a modern composable platform designed to help banks build new digital capabilities at pace. With an initial focus on supporting the mutual sector (credit unions, building societies and mutual banks), the 10x and Converge by Deloitte collaboration will seek to build new solutions. They will specifically focus on helping mutuals reach their digital transformation goals more quickly and cost-effectively.
Jonathan Gray, Deloitte partner and alliance lead for 10x in the UK, commented: “Credit unions, building societies and mutual banks are hugely important to the fabric of our communities. However, they face challenges to keep pace with innovation in a new digital era for banking. Especially where customer needs, competitors and regulatory responsibilities are changing fast.
“We’re committed to supporting modernisation in the mutual sector. Alongside our investment in Converge by Deloitte, our alliance with 10x will be key to us achieving this.”
Neal Baumann, global financial services leader, at Deloitte, commented: “Financial institutions globally recognise that core modernisation is key to maintaining competitiveness. However, implementation can be complex. We want to help our clients achieve better outcomes, faster – building scalable, efficient, and agile cores that can also support the products of today and of the future.
“We’re collaborating with 10x to help our clients accelerate that journey. We are combining the best of 10x Banking’s technological know-how with our own investments in innovation. Furthermore, the experience we’ve gained working with a wide range of financial services institutions will help too.”