Jun 27, 2019
Barclays boss turned fintech pioneer hails his ‘Uber moment’
That is how former Barclays boss Antony Jenkins has described the coming of digital banking services that can collate gigabytes of fragmented customer data, to transform the user experience - and disrupt every lender from Walsall to Wall Street. When the biggest US bank with the biggest IT budget buys into a pioneering technology, the moment is perhaps not so much Uber as SpaceX. For Mr Jenkins - ousted from Barclays in 2015 for caring more about retail customers than investment bankers - it is a vindication of his view that lenders cannot afford to let better data aggregators disintermediate their relationships and push them down the value chain into more regulated and less profitable activities. His company, 10x Future Technologies, provides ways for banks to stop this happening to them: by taking customer data from multiple, museum-piece, product-led systems and having it exist in only one place without duplication or fragmentation - speeding up interactions, service provision and decision-making. For Barclays and other banks on both sides of the Atlantic, JPMorgan's move may also bring a speeding up of decisions. Nationwide Building Society invested £15m with 10x to serve small business customers - but that still leaves scope for another bank to take a retail customer solution.
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