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Ex-Barclays boss Jenkins slams big four for ‘antiquated’ technology

by: Mortgage Solutions
  • 31/10/2016
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Ex-Barclays boss Jenkins slams big four for ‘antiquated’ technology
Former Barclays CEO Antony Jenkins has launched a fintech customer data handling company and criticised the big four banks for ‘antiquated and inefficient’ processing systems.

Jenkins, who was sacked from Barclays last summer for failing to transform the bank quickly enough, has launched a service through 10x Future Technologies targeted to sift financial data and lifestyle preferences to produce a faster, more tailored customer experience, a report by the FT said.

The swift consolidation of the banking market post-credit crunch has left many mortgage lenders with a patchwork of unruly legacy systems.

Jenkins, who is executive director of the firm, said his technology will allow banks to offer services that better meet customer demands, such as finding the best mortgage in a fraction of the time it currently takes.

He also estimates established banks spend about 80% of their IT budget on maintaining systems.

Global banking technology spend is forecast to reach $241bn in 2017, the largest technology spend of any industry, according to market researcher Celent.

10x Future Technologies is reportedly in “advanced” talks with a number of potential, but unnamed, “major” clients, according to the FT.

Its COO is Brad Goodall, who has over 17 years’ experience in start-ups, corporates and consultancies. Its CTO is Mark Allcock, who has more than 25 years’ of experience working for financial institutions such as Barclays, Citibank and Credit Suisse.

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