One-time establishment banker Antony Jenkins is now looking to upend the finance industry – by using fintech to serve 1 billion people.
is plotting the future of global banking. His ambition is to serve one tenth of the world’s population – or 1 billion people – by providing the technology behind everything from checking savings to loans.
In contrast to the 20 or 30-somethings seeking to make their mark in fintech, Mr Jenkins is the 60-year-old former chief executive officer of Barclays. After a turbulent three years, during which Mr Jenkins received the nickname “Saint Antony” for his attempt to reform its culture, he was ignominiously ousted in 2015.
Working with a small group of close associates, in 2016, Mr Jenkins launched 10x with £1 million of his own money, initially to see if anyone would support his ideas about how banks could be made better. The company’s name stands for the belief that for financial firms to adopt a new technology it has to be 10 times better than what they already have.
That is “a long-term aspirational goal”, said Mr Jenkins, part of 10x’s ambition to be “the global bank operating system of choice”. A bit like a set of Lego blocks, each piece of 10x’s code is a distinct part of a product. Slot them together and the company’s client can quickly build products ranging from a variable rate mortgage to a savings account.
Ping An is considering using 10x’s technology to boost the roll-out of its own banking arm, Ping An Bank. “I think there’s every chance that we’ll end up working with 10x, and to have the option to do so is one of the reasons we invested,” says Mr Larsen.Mr Jenkins likes to compare the position of the big players today to incumbents in other industries that were overtaken and then destroyed by start-ups.
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