The former boss of Barclays Antony Jenkins has revealed his new fintech startup's first client – and it's a well known name.
10x Future Technologies will build a digital banking platform for Virgin Money, the challenger bank founded by Richard Branson and boasting millions of customers.
It will work on creating a digital platform for the bank to better serve customers, but also to improve "operational efficiency", the bank said today.
“At Virgin Money we work hard to offer customers products that make it easier for them to manage their finances and make decisions about their money,” said Virgin Money boss Jayne-Anne Gadhia.
"10x Future Technologies is the perfect partner for us, providing us with advanced technology to build a truly digital banking platform and provide an even better banking experience that will be faster, easier to use and more cost-efficient.”
Jenkins yesterday lamented the fact that the big banks are faced with cumbersome legacy IT systems (and he should know), some dating as far back as the swinging 60s, that are also costly to keep up.
With Virgin, that shouldn't be such a hurdle to overcome, considering Virgin Money is one of the earliest so-called challenger banks, created in the 90s but only becoming a bank late in the noughties.
“Virgin Money is highly regarded for offering customers an outstanding banking experience and we’re proud that the bank has chosen us to boost its digital capabilities to build on that," said Jenkins.
“Our advanced data modelling and database design will help to develop an even deeper understanding of each individual customer and offer cutting-edge services for the digital age.”
This kind of service – using digital data to connect better with customers – takes Virgin into the territory of several newer digital challenger banks, such as Mondo, Atom and Tandem.