Former Barclays boss Antony Jenkins has launched his new fintech business, 10x Future Technologies, which he thinks will "transform how banks operate".
The platform will provide banks “with a new core digital banking platform” that Jenkins said would allow them to unify their range of complex data systems.
Jenkins said 10x Future Technologies will give banks better insight into customer data, enabling them to offer products like mortgages, credit cards and loans that are better tailored to customers’ specific needs.
“The digital age provides banks with the opportunity to overhaul their technology systems and approach business in a different way,” said Jenkins, who is executive chairman as well as founder of the new business. “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.”
10x Future Technologies has already been focused on snapping up top talent from the fintech sector and said it was in advanced talks with a number of potential clients.
It was revealed that Jenkins had registered a new business back in June, after saying that banking faces an “Uber moment” as a range of challenger names sought to shake up the sector. Global banking technology spend is forecast to reach $241bn in 2016, according to market research firm Celent.
He has a strong interest in technology and oversaw the development of a series of innovations in his time at Barclays, including the payment of cheques into an account through a photo on a mobile phone.
Jenkins is following in the footsteps of a number of other big name bankers who have moved from sector stalwarts to newer upstarts. Jenkins’ former colleague Rich Ricci is now chairman of currency trading website Freemarket FX, while the former chief executive of Citigroup, Vikram Pandit, has invested in a range of peer-to-peer lending websites. The chief executive of challenger bank Aldermore is Phillip Monks, who previously established Europe Arab Bank and held senior roles at Barclays.
Jenkins was sacked from Barclays in the summer of last year and admitted that it was “surprising” at the time, though he said “these things happen”. Jes Staley was named as his successor in October 2015.