Deloitte and 10x Banking’s strategic alliance aims to revolutionise digital banking

This collaboration underscores Deloitte’s ongoing commitment to innovation within the banking and mutuals sector and promises to bring a new era of technology-driven transformation for financial institutions globally.

The cornerstone of this alliance is the creation of 10x Centres of Excellence in the US, UK, and India. These centres are designed to bolster 10x capability within Deloitte, starting with a cohort of 100 10x-certified developers, business analysts, and architects by the end of 2024. This initiative will enable 10x Banking and Deloitte to work closely together, assisting financial institutions in delivering superior customer experiences more efficiently and with reduced risk.

“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 21^st 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,” commended Antony Jenkins, Founder, Chair & CEO of 10x Banking.

The 10x-Converge alliance for mutual banking

A key aspect of this collaboration is the integration of the 10x Platform into ‘BankingSuite from Converge’ by Deloitte. This integration is particularly aimed at supporting the mutual sector, including credit unions, building societies, and mutual banks. The mutual sector plays a crucial role in the community fabric, yet faces significant challenges in keeping pace with digital innovation. The 10x and Converge by Deloitte collaboration seeks to build new solutions that help these institutions achieve their digital transformation goals more swiftly and cost-effectively.

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

Neal Baumann, Global Financial Services Leader at Deloitte, further stressed the alliance’s goal to help clients achieve better outcomes faster by building scalable, efficient, and agile cores that can support both current and future financial products: “Financial institutions globally recognise that core modernisation is key to maintaining competitiveness – but implementation can be complex. 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.”

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