Deloitte partners fintech firm to work on banking solutions

Deloitte Digital will provide its financial services experience along with Finxact’s core banking platform

Banking

Deloitte partners fintech firm to work on banking solutions. Source: shutterstock.com

Finxact and Deloitte launched a platform, providing modern banking experiences to digital customers,  with the aim of competing with the leading digital banking representatives.

Companies say the main reason for that is because a lot of banks are not operationally flexible enough to fulfill their basic purposes. It is about the rapid product delivery to the markets, placing them at digital native banks and mobile-only banks that carry out their work unhampered with outdated core systems.

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. 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
Gys Hyman, U.S. digital banking lead and principal, Deloitte Consulting LLP

The Deloitte Digital team has spent the past couple of years working with leading fintechs such as Finxact to design and power Deloitte’s DigiBank Platform.

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
Frank Sanchez, Finxact's CEO

This partnership is expected to give banks the opportunity to modernize their centers, thus increasing efficiency and cutting costs.

SEE ALSO: Digital business banking: how to choose the best option

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