Deloitte Digital, Finxact partner to launch next-gen banking products

Frank Sanchez, Chairman and CEO at Finxact

Frank Sanchez, Chairman and CEO at Finxact

Deloitte Digital and Finxact, a cloud-native Core-as-a-Service platform, have entered into a strategic alliance to help banks deliver and run the next generation of digital banking products and experiences. The alliance will combine Deloitte Digital’s financial services experience and systems integration capabilities with Finxact’s next-generation core banking platform.

The Finxact and Deloitte enabled platform will allow banks to co-create goal-oriented, behavioural banking products that deliver modern banking experiences to digital native customers and compete with the nimblest of digital banking players.

“The weight of legacy business models and core systems have banks stuck in a competitive rut, and CXOs are eager for a transformative way out,” said Gys Hyman, U.S. digital banking lead and principal, Deloitte Consulting LLP.

“Addressing these issues is at the heart of Deloitte’s alliance with Finxact. We are combining our innovation, digital design and systems integration capabilities with Finxact’s next-generation core banking platform in order to help banks differentiate at product and cost levels. It also enables banks to reimagine their operating models to compete nimbly and enter new markets.”

Deloitte’s practice includes several early-stage clients and 30 trained professionals across a range of disciplines within its Finxact’s Center of Excellence, which launches alongside the alliance, the companies said in a statement. The alliance will help banks to shed the product-as-a-commodity model by enabling them to differentiate on price and experience, modernize their cores to increase efficiencies and reduce costs. It can also help banks to accelerate M&A transactions by building an agile core ready for post-merger integrations, and rapidly prototype and launch new products in-market alongside existing operations.

“Much of the innovation happening in the industry to date has focused on customer experiences, not the production systems,” said Frank Sanchez, Finxact’s CEO. “If banks don’t address the core platforms on the backend, it will be very difficult for them to innovate, adapt quickly to increasing customer expectations, and shape the future of the industry. Together with Deloitte Digital, we hope to solve this dilemma by working with banks as a co-creator — not a vendor — to help them ideate, innovate and transform at a pace that hasn’t been possible before now.”

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