The simple yet powerful ‘open banking in a box’ solution allows banks to remove the complexity of building and managing open banking APIs in-house.

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London – 14 November 2023:

<a style="color: #4bbb87;" href="https://www.10xbanking.com/">10x Banking</a> (10x), the transformational cloud-native SaaS core banking platform, and <a style="color: #4bbb87;" href="https://ozoneapi.com/">Ozone API</a>, the leading provider of compliant open banking API technology, have partnered to simplify the delivery of open banking APIs for banks globally.

By integrating the two platforms, banks can couple real-time banking capabilities with a fast and simple solution that handles the complexity of open banking. For banks currently managing open banking in-house, Ozone API can be used to reduce internal complexity and development resources. While launching open banking in new markets usually takes 12-18 months, Ozone API delivers compliance within weeks, enabling banks to go to market faster.

Globally, banks spend hundreds of millions of pounds every year on basic regulatory compliance. And open banking regulations, which differ by market, are constantly evolving, requiring deep expertise and extensive development. By utilizing 10x SuperCore and Ozone API, banks can also enable new models, such as embedded finance, to serve customers and distribute products in new ways.

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Frederico Venturieri, VP and Global Head of GTM and Partnerships at 10x, commented,
<blockquote>“As Open APIs become the key channel to deliver embedded finance, open banking becomes a critical component for banks which must go beyond merely complying with regulation. By combining SuperCore with Ozone API’s SaaS platform, it becomes much easier for banks to create commercial value and monetize open banking.”</blockquote>
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Huw Davies, Co-Founder and CEO at Ozone API, commented,
<blockquote>“As global specialists in open banking standards, our partnership with 10x makes it easier for banks to reduce complexity in their tech stack, allowing banks to comply with any global open banking standards, so they can focus on accelerating growth and value creation.”</blockquote>
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-ENDS-
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About 10x Banking
<a style="color: #4bbb87;" href="https://www.innovatefinance.com/company/10xbanking/">10x’s</a> mission is to make banking 10x better for customers, banks, and society. Founded in 2016, the company';s next-generation core banking platform,
SuperCore®, enables banks to launch products and customer experiences faster and more cost-effectively, powered by real-time data. The platform supports retail, SME, and corporate banking across current and savings accounts, credit cards, lending, and mortgages. Available as a SaaS platform hosted in the public cloud, SuperCore is fully managed by 10x to ensure local and regional compliance, robust security, always-on performance, and operational resilience. Today, 10x powers some of the world's leading banks, supporting greenfield projects, core migrations, and banking as a service partnerships.

Learn more at: <a style="color: #4bbb87;" href="https://www.10xbanking.com/">www.10xbanking.com</a>

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About Ozone API
<a style="color: #4bbb87;" href="https://www.innovatefinance.com/company/ozone-api/">Ozone API</a> empowers banks and financial institutions to adapt and thrive in the new world of open data, by providing the technology to unlock the power of open finance and change the world. The UK-based fintech provides the leading standards-based open API platform, supporting all global standards and providing the tools and expertise to help banks and financial institutions create real commercial value. With a founding team that led the development of the UK open banking standards, Ozone API continues to shape global open finance helping regulators, banks and technology platforms to accelerate open finance.

Learn more: <a style="color: #4bbb87;" href="https://ozoneapi.com/">https://ozoneapi.com/</a>

10x Banking and Ozone API join forces to help banks harness the power of open banking faster, reducing timelines from months to weeks

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Research commissioned by <a class="c-link c-link--underline" tabindex="-1" href="https://www.10xbanking.com/" target="_blank" rel="noopener noreferrer" data-stringify-link="https://www.10xbanking.com/" data-sk="tooltip_parent" data-remove-tab-index="true">10x Banking</a>, founded by Antony Jenkins, former Group CEO of Barclays, reveals the importance of technological progress to the retention of product teams and market share, which is “key to survival”

London, UK July 12th:

Banks’ digital transformation progress is vital to the retention of their product teams, it has been revealed, with 94% of product managers admitting they would leave their current position to work for a competitor bank with better technology and 92% claiming they would leave for a bank with more ambitious transformation goals.

These figures, revealed as part of a comprehensive research report by 10x, the transformational cloud-native SaaS core bank operating system founded by former Barclays CEO Antony Jenkins, provide insight into how imperative true digital transformation is for the survival of traditional banks.

10x’s research has made it clear that banks must realign their focus on digital progression, driving transformation that not only attracts and retains valued customers, but ensures ambitious product managers are motivated and incentivised to stay.

Surveying more than 150 senior decision makers and more than 150 product managers, business analysts and project managers, across eight markets (UK, South Africa, the Nordics, Australia, New Zealand Germany, India and Vietnam), 10x’s study sought to understand the decision-making process within the world’s leading banks when it comes to digital transformation, specifically their ability to adopt new technologies, respond to market change, roll out new products, and prioritise resource appropriately.

Commenting on the findings, 10x Founder and CEO Antony Jenkins said:
<blockquote>“The core aim of financial institutions should be to securely and responsibly take care of their customers. In order to do so effectively, banks require market-leading talent. As our findings reveal, institutions resistant to digital transformation have committed a significant oversight, as a lack of perceived innovation has rendered them vulnerable to talent shortages. It seems clear that those on the ground recognise the opportunities to be gained by adopting digital processes and can quickly acknowledge when progress is minimal. If banks don’t align with these expectations, employees in their masses are willing to seek roles at banks that do.”</blockquote>
These findings follow previous revelations unearthed by 10x’s research that found 63% of bank managers believe they have lost out on winning new customers due to slow digital transformation. Further, banks admit to losing 20% of their customers due to poor customer experience, a factor closely associated with agile new technologies designed to increase UX and customer satisfaction. Combined, research into customer and employee retention highlights the very real impact that slow digital transformation is having on financial institutions’ ability to remain competitive.
<blockquote>“In an environment where technology is shaping sectors faster than ever before, and upskilling workforces remains a constant challenge, banks must understand that they cannot compete long-term without powerful technology and the skilled workforces able to use it effectively”</blockquote>
 continued Jenkins. 
<blockquote>“Digital transformation in the financial sector is no longer a preference, but a key to survival.”</blockquote>
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-ENDS-

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About 10x Banking
<a style="color: #4bbb87; text-decoration: underline;" href="https://www.10xbanking.com/">10x Banking</a> (10x) is on a mission to transform financial services to make banking 10x better for customers, banks, and society.
Founded in 2016, 10x empowers banks to move from monolithic to next-generation core banking solutions delivered through the world’s most comprehensive and powerful cloud native SaaS bank operating system.
With its secure, reliable, scalable, and modular core banking platform SuperCore®, 10x supports highly customizable product behaviors and accounting rules, integrates with banks’ wider technology estates, and harmonizes with local and regional compliance and regulatory requirements. SuperCore enables banks to deliver products, services, and customer experiences to retail and SME customers faster and more cost-effectively.

Digital transformation a defining factor in banks’ employee retention and future stability, new study reveals

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"From air miles to cash back, introductory rates to travel insurance, rewards are a standard perk card issuers use to entice new customers. However, the uniquity of hyper-personalized tech experiences from the likes Netflix and Spotify, means a one size fits all approach to rewards and loyalty in banking is no longer enough. Banks that can tailor the customer experience in real time to offer differentiated, personal, and compelling offers will stand out from the crowd – retaining customers and acquiring new ones."

Campbell Shaw, SVP FI &amp; Publisher Partnerships at Cardlytics, shares his insights on how banks can boost loyalty with a real time approach to rewards.

In today’s economic climate, retail banks are facing significant challenges. With interest rates high, contributing to the broader increase in the cost of living, there is clear caution around consumer borrowing and spending – including everything from essential goods to bigger ticket items.

Indeed, our data, based on the spending activity of 24 million active accounts of UK bank consumers, found the likes of electricals sales dropped 20% over the Christmas period – indicating a tightening of the purse strings around larger investments when we might typically expect increased spending levels in such areas.

While more recent data from the British Retail Consortium found total UK sales rose by 5.2% year-on-year in February, much of that rise could be put down to high levels of inflation pushing up the value of goods sold, concealing overall reduced sales volumes.

With this dampened consumer confidence in mind, rewards become even more relevant for high street banks to differentiate themselves from the newer players eating into their market share. With households across the UK tightening their belts, any way banks can ease this pain through relevant offers and rewards is sure to drive customer value and loyalty.

Rewarding credit

Many customers use credit cards to spread out payments, especially for bigger ticket items. Of course, this isn’t anything new, but it’s become especially relevant during this period. Yet for banks, the challenge is to responsibly encourage customers to use their credit cards more often for more day-to-day spending – where they can and where it can help them budget. They’ll need to do more than offer competitive interest rates to do so. And this is where personalized rewards come in.

With a real-time core banking platform that unites banking products from current accounts to mortgages and credit cards, underpinned by purchasing intelligence, banks can build a true-to-life picture of who their customers are and how they live their lives.

Harnessing such <a href="https://www.10xbanking.com/learn/how-real-time-data-is-reshaping-the-credit-card-industry">data in real time</a> can not only help drive spending through rewards. It also ensures that customers feel cared for by their bank with the offers that matter to them.

Typically, banking infrastructure is siloed and disconnected. These systems will inadvertently view a mortgage and credit card customer as two different people who share the same name and email address. But by breaking down those barriers with a central platform, banks can see the full view of a customer across the products they’ve purchased, delivering the right rewards at the right moments.

For example, suppose a bank understands when a customer’s mortgage offer gets approved. They can then provide a series of rewards or cashback based on predicted spending in the likes of furniture and home improvement retailers. Alternatively, on a more day-to-day basis, a bank could deliver real-time offers for travel insurance through a push notification after a customer has booked a holiday or flight.

Real-time data means receiving a coffee offer via push notification as you get your morning caffeine hit. That’s already good customer service, but seeing the reward paid into your account in real time takes it to another level. The alternative is buying a coffee and being told after the event that you could have earned cashback – because the bank’s batch reward process only runs daily. This doesn’t deliver for anyone – the customer, bank, or the merchant who wants to engage with both.

Enabling a virtuous circle of rewards

The delivery of more tailored rewards from a customer’s debit or credit card provider will, of course, encourage increased usage, which drives revenue from the bank’s perspective – through transaction fees – and provides more data and intelligence to deliver more and better rewards. At Cardlytics, we call this “mutual loyalty” a virtuous circle.

While banks are building customer engagement and loyalty through targeted rewards schemes, brands can benefit from placing offers on these channels to identify, map, and target existing and new customers with relevant discounts underpinned by spending data.

Purchase intelligence, working in tandem with a <a href="https://www.10xbanking.com/bank-manager">real-time core banking platform</a>, can help banks move from one size fits all rewards and double down on personalization to foster loyal customer relationships.

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This article was written by Cardlytics in partnership with 10x Banking.

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Explaining how relevant offers and rewards drive customer value and loyalty

10x Banking’s (10x) mission is to make banking 10x better for customers, banks, and society. 
Founded in 2016, the company’s next-generation core banking platform, SuperCore®, enables banks to launch products and customer experiences faster and more cost-effectively, powered by real-time data. 
The platform supports retail, SME, and corporate banking across current and savings accounts, credit cards, payments, and lending. 
Available as a SaaS platform hosted in the public cloud, SuperCore is fully managed by 10x to ensure local and regional compliance, robust security, always-on performance, and operational resilience. 
Today, 10x powers some of the world’s leading banks, supporting greenfield projects, core migrations, and banking as a service partnerships.

10x Banking

10x Banking’s (10x) mission is to make banking 10x better for customers, banks, and society. 

Founded in 2016, the company’s next-generation core banking platform, SuperCore®, enables banks to launch products and customer experiences faster and more cost-effectively, powered by real-time data. 

The platform supports retail, SME, and corporate banking across current and savings accounts, credit cards, payments, and lending. 

Available as a SaaS platform hosted in the public cloud, SuperCore is fully managed by 10x to ensure local and regional compliance, robust security, always-on performance, and operational resilience. 

Today, 10x powers some of the world’s leading banks, supporting greenfield projects, core migrations, and banking as a service partnerships.

Founder, Chair and CEO, 10x Banking

Antony’s focus on driving innovation in the digital economy also extends to his role as Group Chairman of Currencies Direct, the leading UK non-bank provider of foreign exchange and international payment services; and his role as a board member of Blockchain, the world’s leading software platform for digital assets.
He is a Board Director of Fannie Mae, sitting on the US mortgage lender’s Strategic Initiatives and Technology Committee and the Nominating and Corporate Governance Committee.
Antony is a strong believer in the need for businesses to support the future workforce to acquire the right skills to thrive in the digital era; his commitment to education is recognised in his role as Chair of the Institute for Apprenticeships, an employer-led organisation established to promote high-quality apprenticeships by 2020.
He was previously the Group CEO of Barclays plc for three years until July 2015.

Antony Jenkins

Chief Operating Officer

<div class="otd-member-bio-intro">As Chief Operating Officer, Curt manages all operational functions to drive our continued growth.</div>
<div class="otd-member-description">
As part of his focus, he directs 10x’s financial and investor strategy and oversees the group’s risk, finance, legal, HR, operations and vendor management activities. Curt has nearly 30 years’ experience in retail banking, consumer lending, risk and control, credit cards, treasury and finance.
In the three years to 2018, Curt was CEO of Barclays US consumer bank. He previously worked as Barclays’ Chief Financial Officer for Personal and Corporate Banking in London. He also served as CEO and CFO for Barclays Europe Retail and Business Banking, CFO for Barclays Africa Retail and Business Banking and CFO for Barclaycard. 
Prior to joining Barclays, Curt held executive positions in the US at Citi and Bank of America following roles as a senior auditor with BDO in New York. 
</div>

Curt Hess

Chief Client Officer, 10x Banking

<div class="otd-member-bio-intro">
As Chief Client Officer, Leda focuses on driving client success for existing and new 10x clients.
She leads business development, client delivery and growth, partnerships, marketing and communications.
Leda is a former banker, technology executive and founding CEO of 11:FS Foundry, where she led the growth of its modular core digital banking offering. Prior to that, Leda was Chief Innovation Officer at Qatar National Bank, the largest bank in the Middle East and North Africa, with responsibilities for employee-driven and market-led innovation strategy and execution. 
Prior to QNB, Leda was a Director at business and technology consulting firm Sapient, focusing on digital transformation and emerging technologies, and led EMEA innovation at BNY Mellon. Leda joined BNY Mellon from fintech start-up Great East London Software, where she served as Head of Services Development. 
Leda holds an MA from King’s College, Cambridge, and an MSc and PhD from the London School of Economics and Political Science. She has taught politics, global governance and management principles, while working in management roles across various industries.
</div>

Dr Leda Glyptis

CEO and Founding Member, Impact X Capital Partners

Eric Collins is a serial entrepreneur, investor, technology executive and host of Channel 4 business show, The Money Maker, which is based on the highly successful US show The Profit on CNBC.
Eric has spent much of his career building the value of digital companies through innovative strategies at public and private companies including AOL, TimeWarner, Tegic/Nuance Communications, MobilePosse, SwiftKey/Microsoft and most recently, Touch Surgery, where he was COO. He sits on the boards of companies in San Francisco and London, including Tech Nation.
In 2011, President Obama appointed him to the Small Business Administration’s Council on Underserved Communities.
Eric has been featured in Bloomberg, CNN, Dow Jones, The Times, The Guardian, BBC Radio, ITV News, Sky News, and several other media outlets and podcasts. 
                                                          
He is regularly invited to be a keynote speaker or panellist for leading companies and events both in the UK and internationally. He has spoken for Goldman Sachs; Google; Paramount; Aviva, US Embassy London; London &amp; Partners; Latham &amp; Watkins; Europe’s largest business show, The Business Show; the global tech festival, London Tech Week; the world’s leading content development marketplace, Content London; and Asia's leading entertainment content market and conference, Asia TV Forum &amp; Market.
Eric is also a brand ambassador for luxury car manufacturer, Audi, and the youth charity The Prince’s Trust. 
In 2018, The Financial Times named him among the UK’s top 100 BAME leaders in technology. Since 2019, he has been voted one of the most influential Black people in Britain on The Powerlist.
In his debut book, We Don’t Need Permission: How Black Business Can Change Our World (Penguin), Eric argues investing in Black and underrepresented entrepreneurs is the surest, fastest socio-economic game changer there is.