10x Banking unveils AI capabilities to accelerate core banking modernisation

By Gloria Methri

10x Banking has announced the rollout of a new suite of artificial intelligence (AI) features designed to help financial institutions modernise legacy systems, enhance operational efficiency, and enable faster decision-making.

These AI tools will be integrated into 10x’s cloud-native meta core platform — a next-generation core banking solution launched in July 2023. The meta core is positioned as an alternative to traditional core banking systems and first-generation neo cores, offering banks a less complex and more scalable route to digital transformation.

According to a recent 10x-commissioned survey of over 200 senior IT decision-makers in financial services, only 32% of banks currently use AI at the core of their operations. Meanwhile, 41% identified integration with third-party AI platforms as a significant challenge.

With this update, 10x aims to bridge that gap. The new capabilities are designed to help banks automate legacy data migration, accelerate product innovation cycles, and unlock real-time data insights. This could mean launching financial products in days rather than months and reducing reliance on manual reporting processes.

The AI suite includes three new tools:

• AI Migrate – Automates the mapping of legacy data for faster and less risky core migration.
• AI Build – Uses generative AI to enable quick customisation and testing of new banking products without the need for intensive engineering.
• AI View – Delivers real-time access to operational data and performance metrics, eliminating the need for batch reports or IT team intervention.

10x claims that its platform can support more than 100,000 transactions per second per bank, and up to 2,000 transactions per customer account — significantly outpacing the speed of legacy batch processing systems.

These developments come as banks worldwide seek ways to enhance customer experience, reduce costs, and innovate more rapidly in an increasingly digital financial landscape.

Antony Jenkins, Founder and CEO of 10x Banking, said, “Legacy platforms slow down innovation and decision-making. Migrating to more modern cloud-native cores has historically been costly, complex, and time-consuming. We created 10x to help build better banks – and that means putting the customer at the centre of all they do. In today’s world, that means harnessing real-time data and AI, but only 32% of banks have achieved this in any meaningful way. These new capabilities mean banks can finally move at the speed of AI to better serve their customers.”