Antony Jenkins has launched a new business which aims to transform the ways banks operate, enabling them to offer customers superior, faster and cheaper services.
10x Future Technologies’ platform combines sophisticated software applications with the security of an advanced and safe cloud infrastructure, providing banks with a new core digital banking platform that allows them to unify their wide array of often complex, cumbersome data systems.
The company has already hired some top talent from the fintech sector, the fast-growing industry where financial services and new technologies link together, and is in advanced talks with a number of potential major clients.
“The digital age provides banks with the opportunity to overhaul their technology systems and approach business in a different way,’’ said Antony Jenkins, founder and executive chairman of 10x Future Technologies.
“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.”
Chief operating officer Brad Goodall believes 10x Future Technologies is an example of how innovative technology coupled with deep strategic domain expertise can help financial services providers and other businesses create products and solutions that increase competition and transparency.
He added: “Only the companies that can implement a truly digital business model that is responsive to their customers’ needs in real time, and can ultimately offer a 10 times better customer experience, will prevail.
“10x Future Technologies is in the transformation business and has tremendous growth opportunities among those financial services providers who make it their mission to embrace new technologies and invent the next generation of banking.”
Since leaving Barclays, Antony has been developing 10x Future Technologies while also publicly highlighting the challenges the banking industry faces. He forecasts that over the next decade, the industry will see a number of significant disruptions in financial services – he calls them “Uber moments’’ – driven by companies in the FinTech sector.
In a recent film for the BBC’s Newsnight programme Antony highlighted how new technologies will spark an explosion of innovation in financial services and allow the creation of financial businesses that offer customers better products.
“New financial technology businesses will create a banking system that’s high quality, low cost, fair and transparent,’’ said Antony. “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.”
Harnessing the power of technology has been a powerful theme throughout the career of Jenkins. At Barclays, he was influential in the launch of the company’s Pingit mobile payments app. He led the bank as CEO through one of the toughest periods in banking history for three years until July 2015.
Under his management, the company achieved a share price rise of over 50%, well ahead of many rivals. He also significantly improved the bank’s ethical business standards and reputation.