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New York, NY, USA, Nov, 2022 -- To help financial institutions meet the growing demands of consumers and small businesses, and to expedite the launch of digital-first banking services, Deloitte 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 customer experiences, modernize 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 drive new value for their businesses in an increasingly competitive marketplace. 

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 personalized digital banking capabilities that consumers have increasingly come to expect.

"Launching bespoke digital banking services has long been an expensive and time-consuming endeavor. As banks and financial services organizations continue to navigate the challenges of shifting customer expectations, COVID-19, regulatory changes, and emerging organizations 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."

One example of a successful implementation is Western Union, a global provider 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 organizations as they accelerate innovation and digital transformation to foster frictionless consumer experiences."

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Posted by Veronica Silva Cusi, news correspondent
Source: https://www.prnewswire.com

Date Posted: Friday, November 4, 2022