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Former Barclays chief links up with Virgin Money
Antony Jenkins BESToftheREST
Our pick of the financial columnists
FLYING PIGS For all its strengths, the US economy could do
better. Halting immigrants and imports would be an act of self-harm. The US must build on its historic strengths of an open and dynamic economy, together with government provision of infrastructure, research, education, and balanced tax and regulatory policies. A new administration needs the right diagnosis and co-operation from Congress. Pigs may also fly. Martin Wolf, Financial Times
SWINGING SIXTIES People sometimes carp that the financial
F
ormer Barclays chief executive Antony Jenkins has signed a deal with challenger bank Virgin Money
to build a new digital banking platform. Jenkins, who has long been a
fan of introducing new technology into the banking sector – he calls it banking’s Uber moment – has set up a new business called 10x Future Technologies and is linking up with Richard Branson’s Virgin Money. Jenkins is delighted with the
partnership. He said: “Virgin Money is highly regarded for offering customers an outstanding banking experience and we’re proud that the bank has chosen us to boost its digital capabilities to build on that. 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. Banks who can deliver a 10 times better service will be the winners in the digital age, but they also need to consider the long-term impact of their actions on society in order to build a sustainable business.” Virgin Money chief executive
Jayne-Anne Gadhia said: “10x Future Technologies is the perfect
dofonline.co.uk
partner for us, providing us with advanced technology to build a truly digital banking platform and provide an even better banking experience that will be faster, easier to use and more cost efficient. 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.”
services community don’t ‘contribute’ to society in the same way, say, as entrepreneurs or other middle-class professions. But I disagree. The financial services revolution that began with the Big Bang in October 1986 was every bit as radical and important as the cultural and social revolution of Swinging London in the 1960s (Carnaby Street, Chelsea, and the Beatles), which captured the Spirit of the Age just as the film Wall Street and Tom Wolfe’s novel The Bonfire of the Vanities did in the 1980s.
William Cash, Editor-in-Chief, Spear’s
GREATEST INVENTION What is mankind’s greatest invention? Ask people this question and they are likely to pick familiar technologies such as printing or electricity. They are unlikely to suggest an innovation that is just as significant: the financial contract. Widely disliked and oſten considered grubby, it has nonetheless played an indispensable role in human development for at least 7,000 years. The Economist
In a recent interview with the Sunday Times, Jenkins claims the 2008 financial crisis would not have been so bad if computers had been in charge, while humans are the main problem. “The crisis showed us that banks are safe most of the time,” he said. “But when they are not, it’s a very bad situation. Ultimately [technological advances] will lead to much safer decisions and much better credit decisions. This will be better for the individual.” Q
APPROPRIATE CRITERIA With luck, by 2019 if not by 2018, the people
who appoint Mark Carney’s replacement will have learned something about how the world works and will have repudiated the un-truths and post-truths which have informed recent attacks on the Bank of England. When they consider the appropriate criteria for the appointment, they should also understand that those criteria include a willingness to stand up to the politicians. David Cobham, The Conversation
DIRECTOR OF FINANCE 9
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