10x Banking, the cloud-native SaaS core banking platform, and Deloitte have announced strategic Alliance Agreements in the US and UK to strengthen cooperation in delivering technology-enabled transformation to financial institutions worldwide.
The alliance extends the reach of 10x Banking’s core banking platform and extends Deloitte’s commitment to innovation in both the mutual and banking sectors.
Deloitte & 10x Banking: Enhancing transatlantic innovation
Per the partnership, a series of 10x Centres of Excellence will be rolled out across the US, UK and India to increase 10x’s capabilities within Deloitte.
The centres will foster the creation of 10x-certified developers, business analysts and architects among other innovative teams.
The allies aim to have a cohort of 100 professionals under their wing by the end of 2024, in a joint bid to closely collaborate with financial institutions hoping to enhance customer experience at a lower cost-to-serve and with reduced risk.
By fully integrating the 10x Platform with Deloitte’s BankingSuite from Converge, the alliance hopes to deliver a modern composable platform that helps banks build new digital capabilities at pace.
Initially focusing on clientele in the credit union, building society and mutual bank space, both 10x and Deloitte will seek to build new solutions that help mutuals quickly and cost-efficiently reach digital transformation goals.
Antony Jenkins, Founder, Chair & CEO of 10x Banking says: “By working with Deloitte, we will enable banks and mutuals across the US, UK and beyond to modernise their legacy tech and deliver financial products and services fit for the 21st century.
“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.”
Last year, research by 10x Banking highlighted that up to 20% of banks lose customers due to poor customer experience. Now that its services are integrated with Deloitte, the fintech can help support more institutions in their customer retention efforts.
Jonathan Gray, Deloitte Partner and Alliance Lead for 10x in the UK, adds: “Credit unions, building societies and mutual banks are hugely important to the fabric of our communities, but face challenges to keep pace with innovation in a new digital era for banking, where customer needs, competitors and regulatory responsibilities are changing fast.
“We’re committed to supporting modernisation in the mutual sector, and alongside our investment in Converge by Deloitte, our alliance with 10x will be key to us achieving this.”
Indeed, fintech partnerships have been key for Deloitte in recent times to further support its banking clients. In January this year, the consulting giant partnered with Temenos to support US financial institutions in their core banking and payments modernisation efforts.
Now allied with 10x Banking, Deloitte is taking its commitment to digital transformation transatlantic.
