Deloitte’s ConvergePROSPERITY™ BankingSuite on AWS Helps Customers, Including Western Union, Meet Customer Demand for New Digital Banking Services
NEW YORK, November 2, 2022 /PRNewswire/ —
Key points to remember
- Deloitte announces multi-year collaboration with AWS to co-innovate and design solutions that help institutions accelerate the launch of digital banking services and modernize their legacy core banking stacks.
- The offer combines Deloitte’s ConvergePROSPERITY BankingSuite solution and several AWS services.
- With the solution, Western Union launched a state-of-the-art digital banking platform in Germany, Romania and Poland in less than a year.
- Deloitte research highlights more customers are using digital banking channels now than before COVID-19 pandemic.
To help financial institutions meet growing consumer and small business demands, and to accelerate the launch of digital banking services, Deloitte today announced a multi-year co-investment and engineering collaboration with Amazon Web Services Inc. (AWS). This collaboration includes Deloitte’s digital banking platform, which helps banks and non-banks deliver innovative customer experiences, modernize legacy product platforms, increase efficiency, and bring products to market faster and services on AWS.
Through its collaboration with AWS, Deloitte can help banks and non-bank financial service providers, such as Western Union, generate new value for their businesses in an increasingly competitive marketplace. Their collaboration has resulted in the success of projects such as the new Western Union digital banking platform, launched in Germany, Romania and Poland earlier this year.
As consumer banking preferences shift to digital channels, banks continue to take advantage of pandemic-accelerated digital transformations. According to Deloitte’s survey, “Building on the Momentum of Digital Banking”, a third of respondents agree that they use 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 deliver more personalized digital banking features that consumers increasingly expect.
“Launching bespoke digital banking services has long been a costly and time-consuming undertaking. As banks and financial services organizations continue to meet the challenges of evolving customer expectations, COVID-19, regulatory changes and emerging organizations disrupting established patterns, the imperative to innovate quickly has never been greater,” said Gys Hyman, Managing Director of ConvergePROSPERITY by Deloitte and Principal, Deloitte Consulting LLP. “ConvergePROSPERITY BankingSuite enables banks to continue to put technology innovation at the forefront so they can create new, targeted offerings at the pace customers expect today. This new solution combines the power of Deloitte’s deep industry experience and technology with the security and scale of AWS, and the breadth and depth of AWS services to create an enterprise-class banking platform that can help our customers create a state-of-the-art, customer-centric digital banking future today. »
The solution helps institutions run more efficiently and with less friction. BankingSuite provides a digital back office by giving internal employees a single view of the customer and innovative financial products, such as crypto purchases for consumers and billing for small and medium businesses – integrated into the banking application. Deloitte’s BankingSuite technology stack not only leverages the benefits of AWS, but also uses Amazon Connect for contact center and Amazon Connect Cases for call center case management, Amazon Pinpoint for customer engagement management and Amazon Cognito for end-user security. Deloitte’s ConvergePROSPERITY BankingSuite on AWS provides banks and other financial services organizations with a next-generation banking platform that can accelerate new cloud-based customer capabilities to market with ready-to-deploy banking solutions. This platform gives banks and non-banks the ability to quickly activate customer-centric features such as multi-product offers, rewards, and highly contextual omnichannel experiences.
An example of a successful implementation is Western Union, a global leader in cross-border, cross-currency funds 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 combination of business strategy, digital banking experience and technology to help Western Union create and launch a digital banking offering in Germany, Romania and Poland in just 11 months.
“With ConvergePROSPERITY BankingSuite on AWS, we were able to reduce risk and significantly 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 gradually expand the product set to countries has been significantly enhanced through the module components and cloud-based architecture.”
“The financial services industry is focused on accelerating innovation to create new and better ways of doing business, and identify new business opportunities and customer experiences,” said John Kain, Head of Financial Services Market Development at AWS. “Financial institutions are harnessing the momentum of more than a decade of unprecedented pace of change to reinvent themselves, reinvent business and customer value, streamline their processes, and become increasingly resilient. Our work with Deloitte combines the power of AWS and security services with Deloitte’s industry experience to support financial services organizations as they accelerate innovation and digital transformation to drive frictionless consumer experiences. »
Deloitte’s Converge™ platforms, including ConvergePROSPERITY™ConvergeHEALTH™and ConvergeCONSUMER™ are used by leading banking, insurance, life science, healthcare, retail and consumer goods companies in more than 30 countries. With regulatory experience in financial services, strategy and implementation, ConvergePROSPERITY helps organizations improve customer experience, expand product offerings, acquire new customers, reduce customer acquisition costs and achieve strong ROI targets from technology investments. Converge by Deloitte is powered by more than $750 million investment in research and development, talent and alliances over five years to help reinvent and reimagine industries by leveraging the breadth and depth of Deloitte and its ecosystem.
ConvergePROSPERITY BankingSuite is now available in United States and markets globally.
For more information, visit Converge by Deloitte.
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