Fintech 10x Banking and Deloitte Forge Strategic Alliance in the US and UK

In a bid to accelerate technology-enabled transformation in financial institutions globally, cloud-native SaaS core banking platform 10x Banking and professional services firm Deloitte have inked strategic Alliance Agreements in the US and UK, as highlighted in FinTech Magazine.

The alliance, announced recently, aims to extend the reach of 10x Banking’s core banking platform while bolstering Deloitte’s commitment to innovation in the mutual and banking sectors.

As part of the partnership, a series of 10x Centres of Excellence will be established in the US, UK, and India to enhance 10x’s capabilities within Deloitte. These centers will focus on developing 10x-certified professionals such as developers, business analysts, and architects, among other innovative teams.

By the end of 2024, the allies aim to have a cohort of 100 professionals, aiming to collaborate closely with financial institutions seeking to enhance customer experience at a lower cost-to-serve and with reduced risk.

Through the integration of the 10x Platform with Deloitte’s BankingSuite from Converge, the alliance intends to provide a modern composable platform that enables banks to build new digital capabilities swiftly.

Initially concentrating on clientele in the credit union, building society, and mutual bank space, both 10x and Deloitte plan to develop new solutions to help mutuals reach digital transformation goals quickly and cost-effectively.

Antony Jenkins, Founder, Chair & CEO of 10x Banking, stated: “By working with Deloitte, we will enable banks and mutuals across the US, UK, and beyond to modernize their legacy tech and deliver financial products and services fit for the 21st century.”

Research conducted by 10x Banking last year revealed that up to 20% of banks lose customers due to poor customer experience. With its services now integrated with Deloitte, the fintech aims to support more institutions in their efforts to retain customers.

Jonathan Gray, Deloitte Partner and Alliance Lead for 10x in the UK, emphasized, “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.”

He added, “We’re committed to supporting modernization in the mutual sector, and alongside our investment in Converge by Deloitte, our alliance with 10x will be key to us achieving this.”

Fintech partnerships have been instrumental for Deloitte in supporting its banking clients. In January this year, the consulting giant partnered with Temenos to support US financial institutions in their core banking and payments modernization efforts.

With this alliance, Deloitte extends its commitment to digital transformation across the Atlantic, marking a significant step forward in their strategic goals.