10x Future Technologies, the fintech startup established by former Barclays chief Antony Jenkins, has bagged its first major client, securing a contract to build a new digital core for Virgin Money.
The cloud-based platform will help the UK-based provider of savings, mortgages, credit cards, current accounts, pensions, investment and protection products to boost its digital capabilities and analyse data in a more sophisticated way, enabling the bank to offer tailored products to customers.
Antony Jenkins, executive chairman of 10x Future Technologies, comments: “Our advanced data modelling and database design will help to develop an even deeper understanding of each individual customer and offer cutting-edge services for the digital age.”
Formally launched yesterday, 10x Future Technologies was created to enable financial services providers to unify their often wide array of complex data platforms. The firm's API brings legacy systems together into a single secure network, which will help Virgin Money to pull together all the relevant data about a customer - such as existing finances, lifestyle preferences and risk tolerance - to find them the best product such as a mortgage in a fraction of the time it currently takes.
Virgin Money chief Jayne-Anne Gadhia, says: “We have a significant brand and scale advantage over digital-only banks and the partnership with 10x Future Technologies will make Virgin Money more nimble than the large incumbent banks. That’s a very strong combination and a real competitive advantage as we continue to grow."
The value of the contract has not been disclosed.