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Deloitte and Amazon Web Services join forces on cloud-based digital banking services

The news: Deloitte and Amazon Web Services (AWS) teamed up to provide cloud-based digital banking services, per a press release.

Cloud-based BaaS: The multiyear partnership will yield a banking as a service (BaaS) platform that helps organizations offer customized digital banking services.

  • AWS will build cloud-computing capabilities on top of Deloitte’s ConvergePROSPERITY BankingSuite platform.
  • Together, the tech can deliver more personalized customer experiences, modernize legacy banking infrastructure, and bring new products and services to market faster. Organizations can create a product or service that meets their needs and then deliver it to customers via a mobile app.
  • Platform users can also access other Amazon products—like Amazon Connect to create a call center, Amazon Cognito for customer security, and Amazon Pinpoint for client-relationship management.

BaaS bonanza: We estimate that BaaS revenues will nearly triple from $2.3 billion in 2022 to $5.8 billion in 2026, per our forecasts. Starting out as a way for smaller banks to compete in a rapidly changing banking environment, BaaS now attracts big-name financial institutions that are trying to get a piece of the pie.

  • Amsterdam-based payments fintech Adyen launched a BaaS platform late last month that offers checking accounts and small-business loans with its US and EU banking licenses.
  • UK incumbent NatWest partnered with Polish tech provider Vodeno to offer cloud-based products like payments, deposits, and point-of-sale credit.
  • PwC Banking and Capital Markets partnered with Finxact on cloud-based core banking services.

Can it work? Deloitte is pushing to become well-known in the banking space.

  • Western Union used its ConvergePROSPERITY platform to power its digital bank pilot WU+ in Germany, Poland, and Romania.
  • The consulting firm is also banking on research it’s done on the growing demand for digital banking options. It hopes to offer products that attract younger customers and create sticky relationships far into the future.

Deloitte seems to have a reliable product, and it certainly has the connections with firms across industries to be successful. But with other big financial institutions entering the BaaS space, it’s up against some serious competition.

This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.