LONDON 17th April 2024 - 10x Banking, the transformational cloud-native SaaS core banking platform, and Deloitte have announced strategic Alliance Agreements in the US and UK designed to further strengthen cooperation in delivering technology-enabled transformation to financial institutions globally.
The strategic alliance extends the reach of 10x’s market-leading core banking platform and furthers Deloitte’s commitment to innovation in the banking and mutuals sector. A series of 10x Centres of Excellence is set to be rolled out in the US, UK and India to increase 10x capability within Deloitte, creating a team of 10x-certified developers, 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.
The alliance will see the 10x Platform fully integrated into BankingSuite from Converge™ by Deloitte, 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 that help mutuals more quickly and cost-effectively reach their digital transformation goals.
Commenting on the collaboration, Antony Jenkins, Founder, Chair & 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 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.”
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, 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.”
Neal Baumann, Global Financial Services Leader, Deloitte, commented: “Financial institutions globally recognize that core modernization is key to maintaining competitiveness – but implementation can be complex. We want to help our clients achieve better outcomes, faster – building scalable, efficient, and agile cores that can support the products of today and of the future. We’re collaborating with 10x to help our clients accelerate that journey, combining the best of 10x Banking’s technological know-how with our own investments in innovation and the experience we’ve gained working with a wide range of financial services institutions.”
For more information about Deloitte, please visit www.deloitte.co.uk, and for Converge by Deloitte, please visit www.deloitte.co.uk/convergebanking.