Deloitte and ConsenSys Enterprise announced they will work together to offer a digital banking suite of products to the financial services industry, underpinned by blockchain technologies.

The collaboration combines the strategic consulting experience of Deloitte, which works with each of the top 30 banks across its member firms globally, and ConsenSys Enterprise, the largest Ethereum-centric blockchain company in the world, which uses its blockchain subject matter expertise to accelerate banks looking to expedite their transformation.

The firms’ collaboration will focus on helping clients reimagine the core banking environment and consulting on how blockchain technologies can improve their traditional financial products and services, including in the lending and savings areas.

By using blockchain technology, the new digital banking framework will allow systems to be developed that can interact more reliably and securely. Other areas of focus by the two firms will include creating innovations in the asset management and collateral management space, linking blockchain and Internet of Things to provide real time data and insights on physical assets, as well as extending efforts around digital identity to form the foundation of a new core-banking digital products and financial transactions.

“We look forward to this collaboration with Deloitte. This provides an opportunity to bring together our ongoing blockchain efforts in digital identity (uPort), triple entry accounting (Balanc3), financial products (E.g. lending, bond market, escrow) and deliver customer centric exponential solutions in financial services,” said Kishore Atreya, head of consulting and digital banking at ConsenSys Enterprise.

“Deloitte is treating digital transformation and innovation in financial services as a global priority and distributed systems technology is proving its potential for us and our clients” said Thomas Jankovich, Innovation Leader for Financial Services at Deloitte Consulting LLP. “Having previously designed and built digital banking propositions entirely around customers, we understand the importance of service architectures and organizational capabilities needing to be strong, flexible and nimble and blockchain checks all the boxes.”