Effective, fair and transparent financial systems sit at the heart of the vibrant economies and stable societies. But if the last ten years since the crisis have taught us anything, it’s that the system is still a long way from that ideal.
My company 10x Future Technologies aims to change all that. Today, I’m thrilled to announce that we’ve closed one of the largest ever series A funding rounds in a European FinTech business, led by Ping An, one of China’s biggest financial services firms, and the global management consultancy Oliver Wyman.
Two years ago I spoke at Chatham House, warning that transformational technological change – what I called Uber moments – could lead to over 50% of bank branches closing over the next decade.
Not only are my predictions are coming true faster than I thought, but the trend is actually accelerating. Last month, a Reuters analysis showed that banks are set to close as many as 762 branches in the UK this year, the most on record, in response to changing customer behaviour. That’s worrying bank CEOs – 81% of them are concerned about disruption, according to PwC, the highest proportion of CEOs in any sector.
10x will help them turn technology into an opportunity. Our finished platform allows banks and non-banks to unify their wide array of cumbersome data systems into a lean, future-proof architecture. That will mean they can offer mortgages, credit cards, loans, savings and current accounts that are far better tailored to each customer’s specific needs, putting the customer at the centre of all transactions. It will allow providers to anticipate when a small business owner might need a more flexible line of credit, or offer personalised mortgages that allow you to overpay to reduce your debt, or skip a payment when you need extra cash at Christmas.
I’m proud that this new technological capability is being built here in the UK. Today’s £34 million funding round in 10x is testament to the huge impact the FinTech revolution will soon have on financial services, and is a significant vote of confidence in London’s FinTech community. With this investment, we’ll be able to turbocharge our growth and expand the digital platform that could help transform financial services.
Our investors share our vision. That’s why Ping An and Oliver Wyman have also signed strategic partnerships for business development and global marketing that will allow 10x to extend its capabilities into some of the fastest-growing markets in the world.
I believe we’re now at the end of the beginning of the process of digital transformation, and mass adoption looms on the horizon. New businesses are starting to gain real scale and traction in every vertical, from peer-to-peer lending to payments, from foreign exchange to RegTech. And as technologies improve and spread, we may see the advent of truly game-changing digital products, like ten minute mortgages and other transformations that seem scarcely believable at present.
People only adopt new technologies when they make things significantly better – ten times better, in my experience. That observation is the very foundation of 10x. If we’re to build the transparent, fair and effective financial services that society demands, then we have to provide the technology to make them ten times better than what has gone before.
Our team is passionate about making that future a reality. We’ve assembled world-leading expertise in data analytics and artificial intelligence alongside our financial services experts, technologists and creatives, and we’re continuing to expand. If you’d like to join us, get in touch via 10xbanking.com.
I’m more excited about the potential of 10x than anything else I’ve worked on in my 30-year career in financial services. If we get this right, we could help create a financial system that’s safer, fairer, more transparent and more secure for everyone.