Deloitte Collaborates With AWS to Put Enterprise-Class Banking Solutions in the Hands of Consumers Faster

Key takeaways

• Deloitte announces multi-year collaboration with AWS to co-innovate and engineer solutions that help institutions expedite the launch of digital banking services and modernise their legacy core banking stacks.
• Offering combines Deloitte’s ConvergePROSPERITY BankingSuite solution and multiple AWS services.
• With the solution, Western Union launched a state-of-the-art digital banking platform in Germany, Romania and Poland in under a year.
• Deloitte research highlights the number of customers that are using digital banking channels is more now than pre-COVID-19 pandemic.

To help financial institutions meet the growing demands of consumers and small businesses, and to expedite the launch of digital-first banking services, Deloitte today announced a multi-year co-investment and engineering collaboration with Amazon Web Services Inc. (AWS). This collaboration features Deloitte’s digital banking platform that helps banks and non-banks deliver innovative customer experiences, modernise legacy product platforms, drive greater efficiencies, and bring products and services to market faster on AWS.

Through its collaboration with AWS, Deloitte can help banks and non-bank financial services providers, such as Western Union, drive new value for their businesses in an increasingly competitive marketplace. Their collaboration has resulted in the success of projects like the new Western Union digital banking platform, launched in Germany, Romania and Poland earlier this year.

As banking preferences among consumers shift to digital channels, banks are continuing to build on digital transformations accelerated by the pandemic. According to Deloitte’s survey, “Building on the digital banking momentum,” one-third of respondents agree that they are using digital banking channels much more now compared to pre-pandemic days. Through this collaboration with Deloitte and AWS, banks will be able to innovate quickly and offer more personalised digital banking capabilities that consumers have increasingly come to expect.

“Launching bespoke digital banking services has long been an expensive and time-consuming endeavour. As banks and financial services organisations continue to navigate the challenges of shifting customer expectations, COVID-19, regulatory changes, and emerging organisations disrupting established models, the imperative to innovate with speed has never been greater,” said Gys Hyman, general manager of ConvergePROSPERITY by Deloitte and principal, Deloitte Consulting LLP. “ConvergePROSPERITY BankingSuite enables banks to continue to bring technology innovation to the forefront so they can create new, targeted offerings at the pace customers now expect. This new solution combines the power of Deloitte’s deep sector and technology experience together with the security and scale of AWS, and breadth and depth of AWS services to build an enterprise-class banking platform that can help our clients create a tech-forward and customer-centric digital banking future today.”

The solution helps institutions operate more efficiently and with less friction. BankingSuite provides a digital-first back office by giving internal employees a single view of the customer and innovative financial products — such as crypto buying for consumers and invoicing for small-to-medium businesses — integrated within the banking app. Deloitte’s BankingSuite technology stack not only leverages the advantages of AWS, but also uses Amazon Connect for contact centre and Amazon Connect Cases for call centre case management, Amazon Pinpoint for customer engagement management, and Amazon Cognito for end-user security. Deloitte’s ConvergePROSPERITY BankingSuite on AWS provides banking and other financial services organisations with a next generation banking platform that can accelerate bringing new customer capabilities to market on the cloud with ready-to-deploy banking solutions. This platform gives banks and non-banks the ability to quickly enable customer-centric features such as cross-product offers, rewards, and highly contextual omni-channel experiences.

One example of a successful implementation is Western Union, a global leader in cross-border, cross-currency money movement and payments. The company wanted to build and launch a digital banking platform as part of its strategy to broaden and deepen the relationship it has with its customers. Deloitte brought a blend of business strategy, digital banking experience and technology to help Western Union build and launch a digital banking offering in Germany, Romania and Poland in just 11 months.

“With ConvergePROSPERITY BankingSuite on AWS, we were able to de-risk and drastically accelerate the launch of our digital banking platform in three European markets,” said Tom Mazzaferro, chief data and innovation officer, Western Union. “Most importantly, our ability to expand the set of products to countries incrementally has been significantly enhanced due to the module components and cloud-based architecture.”

“The financial services industry is focused on accelerating innovation to drive new and better ways of operating, and identify new business opportunities and customer experiences,” said John Kain, head of Financial Services Market Development at AWS. “Financial institutions are taking advantage of the momentum from over a decade of unprecedented pace of change to reinvent themselves, re-imagine business and customer value, streamline their processes, and become increasingly resilient. Our work with Deloitte combines the power of AWS services and security with Deloitte’s industry experience to support financial services organisations as they accelerate innovation and digital transformation to foster frictionless consumer experiences.”

Converge™ by Deloitte platforms, including ConvergePROSPERITY™,  ConvergeHEALTH™, and ConvergeCONSUMER™ are used by leading banking, insurance, life sciences, health care, retail and consumer companies in more than 30 countries. With regulatory experience in financial services, strategy and implementation, ConvergePROSPERITY helps organisations improve customer experience, expand product offerings, acquire new customers, reduce customer acquisition costs and deliver strong return on investment goals from technology investments. Converge by Deloitte is powered by a more than $750 million investment in research and development, talent and alliances over five years to help reinvent and reimagine industries leveraging the breadth and depth of Deloitte and its ecosystem.

ConvergePROSPERITY BankingSuite is now available in the United States and markets globally.

For more information, visit Converge by Deloitte.