The collaboration will enable the society to accelerate its digital transformation through a platform that will deliver improved capability to benefit from ongoing advances in customer-focused technologies.
West Brom Building Society chose 10x Banking and Deloitte for their mutual mission to create better services for customers. Working with the two companies, the building society takes steps towards its goal of building digital services and new technology tailored to its customers’ needs as their needs and demands evolve.
Leveraging Converge by Deloitte, integrated into 10x Banking’s platform, will enable the company to unify its systems on a cloud-native architecture designed for mutuals. This aims to allow rapid product launches and enable customers to make transactions more conveniently, without outsized complexity, risks, or extra costs. Converge is a composable accelerator created to support banks and building societies to deliver new digital capabilities.
Opposed to traditional all-in-one systems, 10x Banking’s platform allows mutuals to tailor their products utilising a range of already available modules, which minimise the unnecessary complexity. This is ideal for institutions that are looking to balance IT resources with the need to differentiate themselves and deliver services at scale and speed. Additionally, 10x Banking notes that its meta core platform lets mutuals upgrade their operations while focusing on growth.
The collaboration reflects a multi-phase strategy aimed at optimising West Brom’s digital savings products, mitigating existing accounts to Converge, and unlocking greater value across its mortgage portfolio. Deloitte believes that building societies play a key role in the UK’s savings and mortgage sector. With this partnership, the company aims to facilitate the modernisation of the society’s digital capability and core systems, so that they can continue to deliver value for their members.
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