West Brom Building Society has partnered with the technology team at Deloitte and 10x Banking to deliver the next stage of its digital services.
The project aims to put new technology in place so customers have more choice, flexibility and access to services that suit them.
Jonathan Westhoff, CEO at 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.”
Westhoff added: “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.”
The business will use Converge™ by Deloitte, fully integrated with the 10x Banking platform, to bring its systems onto a cloud-native setup designed for mutuals.
The aim is to allow for rapid product launches and let customers transact as they prefer, reducing complexity, cost and risk.
The partnership covers a multi-phase plan to update West Brom’s digital savings products, move existing accounts to Converge™ and the 10x platform, and improve the value of 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 systems, the 10x platform lets mutuals tailor products using ready-made modules, which removes unnecessary complexity.
This is suited to institutions with lean IT resources who still need to offer different products and services quickly.
Antony Jenkins, founder and CEO at 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.”
