Finance

Ex-Barclays doomsayer launches his answer to banks’ IT meltdown

By Oliver Smith 31 October 2016
Antony Jenkins, former CEO of Barclays.
Summary

After preaching their downfall, Antony Jenkins is back offering a solution for banks facing an “Uber moment”.

Antony Jenkins, the former CEO of Barclays, has been fairly downbeat on the prospects for traditional banks, to put it lightly.

Last year he described technology as “an unstoppable force” predicting that the banking sector was approaching an “Uber moment” where it could soon face destruction.

Today Jenkins is back, this time with a message of hope for these same banks. His new business, 10x Future Technologies, is hoping to offer a lifeline for banks with ageing technology systems.

Most banks are struggling with systems that have been patched together over the years, leaving them unable to effectively use customer’s data and with their IT systems on the brink of meltdown.

Read more: With high street banks in IT meltdown, challenger bank Starling raises $70m

That’s why, for instance, even though your bank has access to all your financial information, they’re painfully bad at using this data to offer you the mortgages, credit cards, or loans you need.

It’s this problem Jenkins is hoping to solve.

“The digital age provides banks with the opportunity to overhaul their technology systems and approach business in a different way,” he said.

“Our core digital banking platform, based on advanced data modelling and database design, will allow financial service providers to develop a much deeper understanding of their clients, cut costs and deal with regulation.”

How open will banks be towards someone who has been so outspoken against them? We’ll have to wait and see.