Deloitte and AWS team up to deliver digital banking services from the cloud – SiliconANGLE

Deloitte and AWS team up to deliver digital banking services from the cloud - SiliconANGLE

The information technology consulting giant Deloitte Touche LLC said today it’s partnering with Amazon Web Services Inc. to build a cloud-based offering that can help organizations to launch modern digital banking services and modernize their existing financial technology stacks.

With the planned multiyear collaboration, Deloitte will bring its ConvergePROSPERITY BankingSuite platform to the table, with AWS providing multiple cloud computing services atop that offering.

The idea is to help both banks and nonbank financial services providers deliver more innovative customer experiences, modernize legacy fintech platforms and bring new products and services to market faster, the companies said.

Deloitte expects big demand for such an offering because it believes consumer’s banking preferences are shifting in favor of more convenient, digital channels.

With ConvergePROSPERITY BankingSuite on AWS, financial services providers will be able to create and launch a range of digital banking services much more easily. BankingSuite creates a kind of digital back office for organizations that provides a single view of their customers and enables various innovative, ready-to-deploy banking services.

Organizations can use the platform to create a service that lets customers buy cryptocurrencies, for example, or an invoice system for small and medium-sized businesses. These services can then be made available to customers via a mobile application.

Customers will also be able to tap into AWS services such as Amazon Connect to set up a contact center, Amazon Cognito to provide user security, and Amazon Pinpoint for customer engagement management.

Gys Hyman, general manager of ConvergePROSPERITY by Deloitte, said the process of creating and launching bespoke digital banking services has always been extremely challenging, time-consuming and expensive. Yet shifting consumer expectations means it’s important to get such services up and running as soon as possible, he said.

“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,” Hyman said. “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.”

Global payments provider Western Union Co. used Deloitte’s ConvergePROSPERITY BankingSuite on AWS to launch a new digital banking platform in Germany, Poland and Romania earlier this year. The offering was up and running within 11 months of its ideation.

“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 at 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.”

Image: mohamed_hassan/Pixabay

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This content was originally published here.