Banking on Change Pioneering the future of finance with a legacy of change

In the ever-evolving landscape of fintech, few stories resonate like that of Antony Jenkins. As the founder of 10x, a company focused on transforming the banking experience through technology, and former CEO of Barclays, Jenkins' journey from a stalwart of traditional banking to a trailblazer in financial technology embodies a remarkable pivot. His path offers invaluable insights for aspiring entrepreneurs and established industry leaders alike.

Bridging the old and the new

Jenkins' shift from the corridors of Barclays where he served as CEO from August 2012 until July 2015, to the forefront of fintech wasn't just a career change - it was a revolution in thinking and highlights a crucial lesson for aspiring entrepreneurs.

"Entrepreneurs really need to think about the world in a different way, " he says. This mindset shift can unlock new opportunities and drive your journey forward.

Reflecting on his extensive career in the financial services sector, Jenkins emphasises the impact of outdated technology on his impetus to innovate.

"In my previous career, I was continually struck by how poor the technology was," Jenkins reveals. "It impeded my ability to serve customers, utilise data, and drive down costs effectively."

This frustration with the limitations of traditional systems inspired his transition to entrepreneurship. For Jenkins, the key to disrupting the financial system lies in understanding the problem, exploring innovative solutions, and aiming for transformative rather than incremental improvements.

"When we talk about 10x, we mean making banking ten times better, not just a little bit better," he asserts. "If your solution is only marginally better than existing options, why would anyone choose it?"

Navigating the transition

Jenkins acknowledges that moving from a high-profile role at Barclays to launching a startup encountered both similarities and differences. This transition not only required him to adapt his extensive corporate experience to a more dynamic environment but also demanded a willingness to embrace uncertainty.

"Running any business involves developing a product, creating market fit, acquiring customers, and managing resources," he notes. "These elements are fundamental whether you're leading a massive corporation or a small startup."

However, the agility of a startup presents unique advantages. "In an entrepreneurial company, you have the privilege of moving quickly and adapting constantly," Jenkins explains. This speed enables rapid experimentation and adaptation, allowing startups to course-correct efficiently. He contrasts this with the slower pace and resource constraints often encountered in large organisations.

Despite these advantages, Jenkins also highlights the intensity of the entrepreneurial journey. "The highs are higher and the lows are lower," he says. "Building something from scratch can be incredibly rewarding, but the lack of resources at times can make the challenges more daunting." The constant need to balance limited resources with ambitious goals is a defining aspect of the startup experience.

Emerging trends shaping the future of fintech

As fintech continues to evolve, Jenkins identifies several key trends that will redefine the financial services industry. He points to advancements in underlying technologies as a primary driver of change.

"The rise of cloud computing and AI has dramatically transformed the landscape," he observes. "These technologies enable faster development and deployment, making it possible to rethink finance fundamentally."

Jenkins compares the current era to the dot-com boom of the late nineties, noting how cloud technology has revolutionised the fintech sector. "We no longer need to invest heavily in physical infrastructure," he explains. "The cloud provides scalable computing power at a fraction of the cost, which is crucial for innovations like AI."

He also emphasises the importance of understanding the regulatory and capital-intensive nature of financial services. "Finance is unique in its scale and regulation," Jenkins notes. "While fintech has seen a surge of consumer-facing businesses, the real transformation will come from rethinking the entire financial system over the next few decades."

Preparing for the future at 10x

At 10x, Jenkins and his team are focused on leveraging advanced technology to address the evolving needs of financial institutions. "We've built tools that allow banks to handle data more effectively and apply AI in real-time," he says. "Our goal is to empower traditional banks to remain relevant and successful in a rapidly changing world."

Jenkins emphasises the importance of maintaining a purpose-driven approach while scaling the business. "From the beginning, we've been committed to making banking ten times better for banks, their customers, and the societies they serve," he explains. This commitment is underpinned by core values of transformation, integrity, and impact.

His journey illustrates the significance of maintaining core values and purpose while scaling a business. He reflects, "Getting the right people doing the right work in the right way is the heart of any successful business." This principle, reinforced through his experience at 10x, demonstrates that a steadfast commitment to values and effective talent management are essential for sustainable growth.

As 10x grows, Jenkins acknowledges the challenge of balancing rapid expansion with preserving the company's culture. "Scaling requires different types of people and processes," he says. "We continuously reflect on our work, streamline processes, and drive productivity to maintain our ability to deliver effectively."

The Importance of agility and leadership

One of the keys to 10x's success has been its ability to remain nimble despite rapid growth. Jenkins attributes this agility to the company's strong team and iterative approach.

"We've built a powerful organisation that can quickly adapt to new opportunities and technologies," he notes. "Our team's ability to execute efficiently has been a major factor in our success."

In terms of leadership qualities, Jenkins emphasises the importance of seeing the world differently and having the drive to bring innovative solutions to life. "Entrepreneurs need to be visionaries who can conceive new ways of solving problems," he explains. "This requires a combination of creativity, resilience, and the ability to stay calm under pressure."

Jenkins admires Steve Jobs for his ability to connect technology with human needs. "Jobs didn't just create technology; he made it relevant to people's lives," he says. "His vision and commitment to improving user experiences exemplify the impact that visionary entrepreneurs can have."

When asked about unconventional decisions, Jenkins highlights the entire venture of founding 10x as a significant and unconventional choice. "Starting a fintech company with my background was a bold move," he reflects. "I've been fortunate to have the resources and experience to make it happen."

What next?

Looking ahead, Jenkins is focused on scaling 10x and expanding its global reach. "We have a strong pipeline and are dedicated to leveraging our technology to solve critical problems for banks," he concludes. "Our mission is to continue pushing forward and making a positive impact on the financial industry."

Jenkins' journey from traditional banking to fintech innovation underscores the transformative power of technology and visionary leadership. As 10x continues to redefine banking, Jenkins remains committed to his mission of making financial services ten times better for everyone involved. His approach underscores that the essence of entrepreneurship lies in challenging the status quo and transforming industries through groundbreaking solutions. Jenkins encapsulates this ethos succinctly, stating, "To drive real change, you must be willing to disrupt your own assumptions and constantly seek ways to redefine what's possible."