Anthony Jenkins, former chief executive officer at Barclays bank, has launched a new start-up promising banks better access and insights into customer data.
10x Future Technologies’ platform uses software applications to provide a banking platform that allows it to merge complex data systems.
The start-up explained the platform will enable banks to “offer products such as mortgages, credit cards, loans, savings and current accounts that are far better tailored to customers’ specific needs.”
Jenkins, who was CEO at Barclays between 2012 and 2015, has been developing the concept of 10x Future Technologies since his departure from the UK bank.
He was sacked in July 2015 following a dispute with the board at Barclays over cost cutting, leading the bank to hire Michael Rake as its new CEO.
A statement on 10x Future Technologies’ website explained that Jenkins forecasts 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.”
“New financial technology businesses will create a banking system that’s high quality, low cost, fair and transparent,” Jenkins added.
Mark Allcock, former director of technology and operations and CIO organisation at Barclays, has been appointed as 10x Future Technologies’ chief technology officer.
Allcock - who has also worked at major financial institutions like Credit Suisse and JP Morgan – described the start-up as a “power, unique and transformative.”
Jenkins stated that the firm is already in “advanced talks with a number of potential major clients.”