10x Banking has unveiled a suite of new AI capabilities being integrated into its meta core to accelerate banking transformation, improve operational efficiency, and enhance decision-making for banks.
10X released its meta core product - designed to derisk the conversion from legacy ledgers and provide a clear roadmap to cloud-native transformation - in July last year. The new platform allows banks and system integrators to focus development resource only on high-value code by abstracting away common product elements as well as the core ledger itself.
The new AI suite has been created to build on this foundational model.
Research commissioned by 10x Banking, surveying over 200 senior IT decision-makers in banking and financial services, reveals that only 32% of banks are currently using AI at the core. Almost half (41%) cite AI integration with third-party platforms as their top challenge.
The new AI capabilities mean banks can automate the mapping of legacy banking data to accelerate core migration, create and launch new financial products to market in days rather than months - and be able to access granular real-time insights, instead of relying on IT teams for outdated batch reports.
Antony Jenkins, founder and CEO of 10x Banking says: ““Legacy platforms slow down innovation and decision-making migrating to more modern cloud-native cores has historically been costly, complex, and time-consuming. To get the full benefits of AI, you've got to have real-time data at scale. That's where 10x's meta core really stands out, delivering real-time insights at massive scale combined with a suite of AI capabilities that can work with bank's existing systems.”
10x Banking has reportedly appointed advisors on discussions with potential buyers in recent months.
City sources said that Moelis, the investment bank, had been involved in advising 10X on exploratory talks.
10x last raised $50 million in fresh funding from existing investors Blackstone and JPMorgan Chase in January last year.
At the time, the firm was valued at $500 million. Blue chip clients include Westpac in Australia, JPMorgan Chase in the UK, and Old Mutual in Africa.