Antony Jenkins, the former CEO of Barclays, today unveiled a new startup, 10x Future Technologies, hoping to transform the ways banks operate through offering a lifeline for ageing technology systems. The new initiative will allow banks to offer services that better meet customer demands, such as finding the best mortgage in a fraction of the time it currently takes.
During his tenure at Barclays, which was overshadowed by misconduct fines levied on the bank, Mr. Jenkins laid the foundations for his own venture in the financial technology realm. He focused for three years on technology developments, such as mobile payment app Pingit.
It was revealed that 10x Future Technologies has already hired some top talent from the fintech sector, including Mark Allcock who will serve as CTO. Mark has more than 25 years of global technology experience working in leadership positions for financial institutions such as Barclays, Citibank, Credit Suisse, ING, Lloyds TSB, UBS, Visa and JPMorgan. Moreover, Brad Goodall, who will serve as the new company’s COO, has over 17 years’ experience in startups servicing the banking and technology markets.
Tech-driven change in traditional banking practices
10x Future Technologies is a cloud-based platform that provides banks with a new core digital banking platform to unify a wide array of complex, cumbersome data systems.
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The company said in a statement that its new system will give banks better access and insights into customers’ data, enabling them to offer more tailored products to customers’ specific needs.
The statement also pointed to the benefits that customers can obtain under the auspices of the new system which include for example the ability to get new services based on lifestyle, such as alerts about switching to a lower-cost energy provider, or faster access to a range of mortgages.
Commenting on the launch, Antony Jenkins, Founder and Executive Chairman of 10x Future Technologies, said: “The digital age provides banks with the opportunity to overhaul their technology systems and approach business in a different way. Our core digital banking platform, based on advanced data modelling and database design, will allow financial services providers to develop a much deeper understanding of their clients, cut costs and deal with regulation.”
Mr Jenkins is making a comeback after he was sacked from Barclays in summer of last year. The move comes after Non-Executive Director, Deputy Chairman and Senior Independent Director Sir Michael Rake took the initiative of replacing Antony Jenkins as CEO.
Mr. Jenkins is known as a passionate advocate of the need for radical tech-driven change in traditional banking practices. Earlier this year, he predicted in a speech a 50% cut in bank branches and staffing over the next ten years due to digital upheavals in the sector.
“Only the companies that can implement a truly digital business model that is responsive to their customers’ needs in real time, and can ultimately offer a 10 times better customer experience, will prevail.10x Future Technologies is in the transformation business and has tremendous growth opportunities among those financial services providers who make it their mission to embrace new technologies and invent the next generation of banking,” added Brad Goodall, Technologies Chief Operating Officer at 10x Future.