Former Barclays CEO Antony Jenkins has launched a new startup that aims to modernise the back office technology used by banks.
10x Future Technologies is working on a cloud-based core banking system — the technology that allows banks to hold deposits and accounts. Essentially, it’s the heart of banking, around which everything else is built.
The company says in a statement that its new system will “give banks better access and insights into customers’ data, enabling them to offer products such as mortgages, credit cards, loans, savings and current accounts that are far better tailored to customers’ specific needs.”
Antony Jenkins, who founded the company and serves as CEO, says in the statement: “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.”
“New financial technology businesses will create a banking system that’s high quality, low cost, fair and transparent. 10x Future Technologies will help the industry embrace this technology and offer a service that benefits customers, reduces the risk to society and improves returns to shareholders.”
Jenkins was CEO of Barclays for three years until he was pushed out in July 2015. Since then he has spoken often in public about fintech — financial technology. He said in a speech last November that banks were at risk of an “Uber moment” that would see nimble technology challengers steal market share from them.
Reports surfaced in May this year that Jenkins was working on his own fintech venture. Jenkins has recruited veteran bank technologist Mark Allcock to serve as CTO at 10x Future Technologies. Allcock has worked at Barclays, Lloyds, Visa, JPMorgan, Credit Suisse and UBS in his 25-year career. Brad Goodall, who led an Australian wealth management technology company, is COO at the company.
Allcock says in a statement announcing 10x: “We’re building 10x Future Technologies in the knowledge that those who can deliver a 10 times better service will be the winners in the digital age.
“10x Future Technologies is a powerful, unique and transformative digital platform, leveraging leading edge advancements in data security, artificial intelligence, predictive analytics and chatbot technologies, all delivered through an intuitive user experience.”
10x Future Technologies has been self-funded by Jenkins so far.
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