Antony Jenkins, the former Barclays Bank boss who last year forecast a 50% cut in bank branches and staffing due to digital upheavals in the sector, has launched his own API-driven fintech startup.
10x Future Technologies is offering a cloud-based plug-and-play platform that promises to knit together the disparate legacy systems of incumbent banks to provide new insights on customer data and more responsive products.
Jenkins in May told a meeting in Parliament that he had reviewed 100 fintech businesses and met 50 as he mulled over plans to move in to the fast-growing sector. He has recruited veteran banking IT man Mark Allcock as CTO and fintech consultant Brad Goodall as chief operating officer of the new venture.
“The digital age provides banks with the opportunity to overhaul their technology systems and approach business in a different way," says Jenkins. “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.”
Ousted from Barclays in July last year, Jenkins has become a passionate advocate of the need for radical tech-driven change in traditional banking practices. He made his first move into the fintech sector in August, joining non-bank foreign exchange firm Currencies Direct as non-executive chairman.