Core banking vendor 10x Banking has enlisted Deloite to target credit unions, building societies and mutual banks in the US and UK.
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, starting with a cohort of 100 by the end of 2024.
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.
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.”
The alliance with Deloitte comes four months after 10X picked up $50 million in fresh funding from existing investors Blackstone and JPMorgan Chase and follows the signing of its first African client Old Mutual in February.
Jonathan Gray, Deloitte partner and alliance Lead for 10x in the UK, comments: “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.”