Latest news with #10xBanking
Business Wire
06-05-2025
- Business
- Business Wire
West Brom Building Society Announces Major Digital Transformation with Deloitte and 10x Banking
LONDON--(BUSINESS WIRE)-- West Brom Building Society, the UK's eighth largest building society is embarking on its digital transformation journey working with the technology team at Deloitte, the professional services firm and 10x Banking, the cloud-native meta core banking platform. West Brom Building Society is pleased to be working with Deloitte and 10x to deliver the next stage of its digital transformation, putting the right technology in place to continue providing excellent service to its customers in a digital world. The transformation programme will ensure the business continues to meet the evolving needs of its customers, around choice, flexibility and the ability to access services in the way that suits them best. The news comes as the building society sector prepares to mark its 250th anniversary at the 2025 Building Societies Annual Conference, highlighting the pressing need for mutuals to innovate through modernising their technology and delivering on their purpose, in a world increasingly driven by digital customer experience and AI enhanced business processes. Jonathan Westhoff, Chief Executive Officer, West Brom Building Society said: 'We chose to work with Deloitte and 10x because they understand what matters to us as a mutual – our customers. Working on this together is an exciting step forward in building the digital service and technology we want for the future. It's based on the simple premise of helping our customers in the way that suits them best. As expectations grow and technology evolves, we want to make sure we're right there with them, responsive and ready for what's next in their financial lives - whether that's buying their home or growing their savings for a more secure future.' West Brom Building Society is the eighth largest building society in the UK and has been supporting its customers for over 175 years since it was founded in 1849. The adoption of Converge™ by Deloitte, fully integrated to 10x Banking's platform, will enable West Brom to unify its systems on a cloud-native architecture designed for mutuals. It will enable rapid product launches and allow customers to transact as they prefer - without incurring outsized complexity, cost and risk. Converge™ by Deloitte is a modern composable accelerator designed to help banks and building societies deliver new digital capabilities at pace. The relationship between West Brom, Deloitte and 10x Banking, encompasses a multi-phase transformation strategy, enhancing West Brom's digital savings products, migrating existing accounts to Converge™ and the 10x platform, and unlocking greater value across its mortgage portfolio. Jonathan Gray, UK Head of Banking Technology and Transformation at Deloitte said: 'Building societies play a prominent role in the UK savings and mortgage sector, combining financial stewardship with social purpose. We're proud to be working with West Brom Building Society and 10x Banking to facilitate the modernisation of the society's digital capability and core systems, so that they can continue to deliver value for their 400,000+ members.' Unlike traditional all-in-one systems, 10x's platform lets mutuals tailor their products using a wide range of ready-made modules, which take away all of the unnecessary complexity, ideal for institutions balancing lean IT resources with the need to differentiate and innovate at scale and speed. Antony Jenkins, Founder and CEO of 10x Banking, said: 'The West Brom's transformation is a milestone for the sector. Our meta core platform lets mutuals futureproof their operations while staying true to their purpose. As we approach the sector's 250th anniversary, this partnership exemplifies how - with the right cloud-native core technology in place – heritage, social purpose and innovation can coexist and deliver world-class financial solutions.' West Brom Building Society, Deloitte and 10x Banking will be attending the 2025 Building Societies Annual Conference, hosted in Birmingham between 7 and 8 May. Notes to editors About the West Brom The West Brom is the UK's eighth largest building society and is a leading provider of financial services. Proudly independent, West Brom Building Society is owned by and run for the benefit of its customers. Since its foundation in 1849, the Society's fundamental principles have been, and remain, to offer people the opportunity to buy their own homes and save for the future. About 10x Banking 10x Banking is a cloud-native core banking platform for financial institutions and their partners. Founded by former banking executives and built by technologists, the 10x Banking platform empowers its customers with best-in-class security, scalability and speed. Proven across transformational deployments including Westpac, Chase and Old Mutual, 10x Banking offers banks the fastest, most cost-effective and derisked path to full cloud-native transformation through its unique 'meta core' approach. Its scalable, resilient, and flexible technology is built to empower financial institutions to better serve their customers and communities. 10x Banking is a B-Corp certified business with local presence in London, UK, Sydney, Australia and Singapore and is funded by a portfolio of world-class investors including BlackRock and J.P. Morgan. For more information, visit and follow us on LinkedIn. About Deloitte In this press release references to 'Deloitte' are references to one or more of Deloitte Touche Tohmatsu Limited ('DTTL') a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see for a detailed description of the legal structure of DTTL and its member firms. Deloitte LLP is a subsidiary of Deloitte NSE LLP, which is a member firm of DTTL, and is among the UK's leading professional services firms. The information contained in this press release is correct at the time of going to press. For more information, please visit Member of Deloitte Touche Tohmatsu Limited.
Yahoo
23-04-2025
- Business
- Yahoo
10x Banking adds new AI capabilities to core platform
10x Banking has rolled out new AI capabilities designed to enhance its cloud-native core banking platform. These features aim to expedite banking transformation, improve operational efficiency, and support decision-making processes within financial institutions. The AI functionalities will be integrated into 10x Banking's meta core, launched in July of the previous year, which addresses the limitations of traditional core systems while simplifying the transition to a fully cloud-native environment. The 10x Banking platform allows banks to automate the mapping of legacy banking data, thereby expediting core migration processes. The AI product suite from 10x Banking includes three solutions aimed at addressing industry challenges and harnessing the potential of AI in banking. These include AI Migrate, which automates the legacy data mapping process to minimise risk and costs during migration. 10x Banking also launched AI Build, which utilises generative AI for product customisation, allowing banks to create and test innovative products rapidly without engineering hassles. Lastly, AI View offers instant access to critical banking metrics, eliminating the need for manual reporting and reducing dependency on IT resources. Financial institutions will be able to develop and launch new products in days instead of months and gain access to real-time insights without relying on outdated batch reporting from IT teams. The platform is designed to support corporate banks with a core solution that can handle over 100,000 transactions per second and up to 2,000 transactions per individual customer account, outpacing traditional batch transaction speeds. In November 2024, 10x Banking teamed up with Alloy to provide a comprehensive solution for customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning for financial institutions. "10x Banking adds new AI capabilities to core platform" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
23-04-2025
- Business
- Yahoo
10x Banking adds new AI capabilities to core platform
10x Banking has rolled out new AI capabilities designed to enhance its cloud-native core banking platform. These features aim to expedite banking transformation, improve operational efficiency, and support decision-making processes within financial institutions. The AI functionalities will be integrated into 10x Banking's meta core, launched in July of the previous year, which addresses the limitations of traditional core systems while simplifying the transition to a fully cloud-native environment. The 10x Banking platform allows banks to automate the mapping of legacy banking data, thereby expediting core migration processes. The AI product suite from 10x Banking includes three solutions aimed at addressing industry challenges and harnessing the potential of AI in banking. These include AI Migrate, which automates the legacy data mapping process to minimise risk and costs during migration. 10x Banking also launched AI Build, which utilises generative AI for product customisation, allowing banks to create and test innovative products rapidly without engineering hassles. Lastly, AI View offers instant access to critical banking metrics, eliminating the need for manual reporting and reducing dependency on IT resources. Financial institutions will be able to develop and launch new products in days instead of months and gain access to real-time insights without relying on outdated batch reporting from IT teams. The platform is designed to support corporate banks with a core solution that can handle over 100,000 transactions per second and up to 2,000 transactions per individual customer account, outpacing traditional batch transaction speeds. In November 2024, 10x Banking teamed up with Alloy to provide a comprehensive solution for customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning for financial institutions. "10x Banking adds new AI capabilities to core platform" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
