The Nationwide Building Society, provider of UK current/savings accounts and mortgages has invested £15 million in ‘10X Future’ (10X), a London-based development team seeking to deliver smarter banking systems and concepts.
10X is led by former Barclays Bank Group Chief Executive Anthony Jenkins, who seeks to transform global consumer banking functions by developing a range of ‘cloud based innovations’, improving sector transactional capacities and all-around banking services.
Confirming its venture investment in 10X, Nationwide has detailed that it will move to incorporate 10X components across its current digital and mobile banking networks.
In its enterprise mandate, 10X details that it is focused on transforming day-to-day banking consumer functionalities such as improving on-boarding capabilities, reducing customer delays, developing tailored user-friendly interfaces and developing tailored micro services.
In its update, Nationwide details that it has begun to test 10x components and concepts in beta, which will soon be made available to its commercial/business clients.
Backing the 10X investment Nationwide Chief executive Joe Garner details: “We believe we can become the game changer in the business current account market. Serving people on their terms and to a high standard is at the heart of what we stand for, which is why we are investing in both technology and a truly national branch network. Like us, 10x is aiming to massively improve service in financial services and are therefore a natural partner.”