As West Brom Building Society, the UK’s eighth largest building society, continues its digital transformation journey, it is set to work alongside the technology team at professional services firm Deloitte, and 10x Banking, the cloud-native meta core banking platform.
Through the new partnerships, Deloitte and 10x Banking will look to deliver the next stage of West Brom Building Society’s digital transformation, enabling it to enhance the service it provides to its customers in a digital world.
The transformation programme will look to 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, highlighting the increasing 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.
“We chose to work with Deloitte and 10x because they understand what matters to us as a mutual – our customers,” explained Jonathan Westhoff, CEO at West Brom Building Society. “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 will adopt Converge by Deloitte, fully integrated to 10x Banking’s platform, enabling it to unify its systems on a cloud-native architecture designed for mutuals. Converge by Deloitte is a composable accelerator designed to help banks and building societies deliver new digital capabilities at pace. It will also enable rapid product launches and enable customers to transact in a way they choose, without incurring outsized complexity, cost and risk.
Futureproofing operations
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, commented: “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 over 400,000 members.”
Unlike traditional all-in-one systems, 10x’s platform enables mutuals to 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.”
