Former Barclays boss Antony Jenkins has set out to ‘transform how banks operate’ with the launch of his fintech start-up 10x Future Technologies.
The business will seek to provide banks with a digital platform from which is capable of unifying a multitude of complex data systems employed by rival banks with the aim of offering greater insight of customer data to better inform the sale of financial products such as mortgages, credit cards and loans.
Prior to his Barclays departure Jenkins helped oversee a mobile revolution at the bank, attributing it to a raft of branch closures and staff lay-offs
Jenkins remarked: “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 service providers to develop a much deeper understanding of their clients, cut costs and deal with regulation.”
Jenkins believes the time is ripe to shake-up the staid world of banking at Barclays, Santander, RBS and others with innovative new products which take advantage of the latest technological advances, all of which is fueling a burgeoning global banking technology market which is forecast to reach $241bn this year.