The cloud-native SaaS core banking platform 10x Banking and Deloitte have announced strategic alliance agreements in the US and UK to further their collaboration in providing financial institutions throughout the globe with technology-enabled transformation.

Through the partnership, 10x Banking's core banking platform will reach a wider audience, and Deloitte will continue to lead the way in innovation in the mutual and banking industries.

Fintech & 10x Banking: Boosting cross-border creativity

As per the arrangement, 10x will expand its capabilities within Deloitte by establishing a number of Centers of Excellence throughout the US, UK, and India.

Among other creative teams, the centers will support the development of 10x-certified developers, business analysts, and architects.

By the end of 2024, the allies hope to have a group of one hundred specialists working for them. This is part of their collaborative effort to work closely with financial institutions in an effort to improve customer experience while lowering risk and cost-to-serve.

The cooperation aims to provide banks with a contemporary, modular platform that enables them to quickly develop new digital capabilities by completely integrating the 10x Platform with Deloitte's BankingSuite from Converge.

Initially concentrating on customers in the mutual bank, building society, and credit union sectors, 10x and Deloitte will work to develop innovative solutions that assist mutuals in swiftly and affordably achieving their objectives for digital transformation.

"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," says Antony Jenkins, the founder, chair, and CEO of 10x Banking.

"With Deloitte's extensive global experience and our cutting-edge technological solutions, we have a plan in place to implement broad change in our effort to improve banking tenfold."

According to research conducted by 10x Banking last year, bad customer experiences can cause up to 20% of banks to lose clients. With Deloitte now integrating its services, the fintech can assist additional institutions with client retention.

"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," says Jonathan Gray, a partner at Deloitte and the UK's Alliance Lead for 10x.

"We are dedicated to promoting modernization in the mutual sector, and our partnership with 10x, in addition to our investment in Converge by Deloitte, will be critical to us attaining this goal."

In fact, Deloitte has found that forming fintech alliances has been essential to helping its banking customers in recent years. The consultancy giant joined up with Temenos in January of this year to help US financial institutions modernize their core banking and payments systems.

Deloitte is extending its dedication to digital transformation across the Atlantic by partnering with 10x Banking.