Antony Jenkins, the former boss of Barclays, launched a new fintech startup called 10x Future Technologies. The company operates on a cloud-based banking system, and allows banks to hold accounts and deposits.
The company’s offering is a core product that gives banks robust data about their customers.
The company’s products will allow banks to look at an overview of a customer to determine which products to offer to specific clients. The tailored approach will allow banks to offer savings accounts, loans, credit cards and mortgages to customers based on personalized data.
10x will offer core products that cover the banking process, from security and analytics to automation and compliance reporting. The company offers APIs to allow developers to use the platform in a modular way, and use the products and features that the customer needs to run efficiently.
The company states that 10x Future will transform the ways banks operate.
Jenkins says the company “will transform the ways banks operate, enabling them to offer customers superior, faster and cheaper services.”
Jenkins was removed from his position at Barclays on July 8, 2015. Jenkins remained CEO of the company from August 30, 2012 until he was sacked over a dispute with the company’s board related to the bank’s size and cutbacks.
Jenkins was on the board of Visa Europe for three years.
The founder of 10x Future Technologies is passionate about Fintech and states that banks often use outdated, inefficient systems. He has stated that banks will face competition from digital companies that steal market share if traditional banks do not move forward in the digital age.
10x will offer artificial intelligence and predictive analysis to help traditional banks offer a better user experience to their customers.
The company is fully funded by Jenkins. Reports that Jenkins was working on his own fintech company surfaced in May. He predicted last November that technology will transform the finance industry.
