Deloitte Digital, Finxact partner to launch next generation of banking products and experiences

Deloitte (Image: Moneycontrol)

Deloitte Digital and Finxact, an emerging leader in Core-as-a-Service banking, announced a strategic alliance to help banks imagine, 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. "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."

"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."