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.” 10x’s website promises to create “a new banking ecology – one that is more diverse, open and fair” and is “in advanced talks with a number of potential major clients,” according to a blog post from founder Antony Jenkins. Jenkins, who serves as executive chairman, says in an emailed 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.”
