In the fast-evolving world of banking and financial services, innovation is the key to staying ahead. One entrepreneur making waves in this space is Jubin Mehta, a former senior banker who left the corporate world to launch his own venture, 10X, in 2023. With over a decade of experience in leading banks such as Standard Chartered Bank, IndusInd Bank, and Karvy Private Wealth, Mehta recognized a gap in how cooperative banks, NBFCs (Non-Banking Financial Companies), and Small Finance Banks (SFBs) operate and interact with their clients. His vision is to empower these institutions with cutting-edge technology, enhance revenue streams, and improve customer engagement—ultimately allowing them to compete with primary banks in an open market.
Jubin Mehta founded 10X with a simple yet powerful goal: “To multiply banks’ revenue and customer satisfaction by 10 times.” In a financial landscape where larger banks dominate with robust technology and data-driven solutions, smaller institutions often struggle to keep up. 10X was designed to bridge this gap by providing AI-driven, tech-enabled solutions tailored for cooperative banks, NBFCs, and SFBs—segments that traditionally lag in digital adoption. With this mission in mind, 10X has already secured Memorandums of Understanding (MoUs) with two Gujarat-based banks and is on track to convert at least 10 banks in the next five years.
One of the key factors driving 10X’s success is its suite of innovative products aimed at revolutionizing how smaller financial institutions serve their customers. The Banking Intelligence Unit, a data-driven analytics platform, helps banks recognize cross-selling opportunities by analyzing client metrics and behavioural patterns. By leveraging predictive analytics and AI-powered insights, banks can identify potential product recommendations, ensuring customers receive personalized financial solutions. This not only enhances customer retention but also boosts revenue generation.
Additionally, 10X offers a Tax Filing Suite, a one-stop solution for end clients to manage their tax filings efficiently. This initiative reduces friction and enhances convenience, positioning cooperative banks as trusted financial partners beyond traditional banking services. By offering tax-filing assistance, banks strengthen customer relationships and increase their value proposition. Furthermore, the Wealth Management Suite enables banks to expand their revenue streams by offering products such as mutual funds, insurance, bonds, and digital assets. This diversification allows cooperative banks and NBFCs to better engage their captive client base and increase customer lifetime value.
Traditionally, cooperative banks and smaller financial institutions have struggled to match the capabilities of larger private and nationalized banks. With 10X’s technology-driven approach, these banks can enhance customer engagement through personalized financial products, increase revenue potential by tapping into new product verticals, and strengthen their digital presence with AI-powered tools. By leveraging data analytics and fintech solutions, 10X is transforming cooperative banks into modern, client-centric financial institutions, enabling them to compete with larger players in an open banking environment.
Jubin Mehta’s ambitious roadmap for 10X includes onboarding 10 cooperative banks, NBFCs, or SFBs within five years, expanding product capabilities to further enhance banking efficiency, and building strategic partnerships with fintech firms and regulatory bodies to push innovation in this sector. With two banks already onboard, 10X is proving its value proposition and setting the stage for broader adoption across India’s banking ecosystem.
Mehta’s career transition from a senior banking professional to a fintech entrepreneur highlights his deep understanding of the financial sector and its challenges. His experience at Standard Chartered, IndusInd Bank, and Karvy Private Wealth provided firsthand insights into the gaps in cooperative banking—insights that now fuel 10X’s mission. “The name 10X is not just a brand; it’s a promise,” says Mehta. “Collaborating with us will not only increase revenue but also enhance client satisfaction by 10 times.”
With its AI-driven solutions, wealth management capabilities, and tax-filing suite, 10X is pioneering a digital revolution for smaller financial institutions. By empowering them with the right tools, Jubin Mehta is helping reshape the future of small banking in India. As 10X continues to grow, it is set to become a key player in modernizing financial services for cooperative banks, NBFCs, and SFBs, enabling them to compete with larger banks while delivering superior customer value. In a world where banking is becoming increasingly digital, Jubin Mehta’s 10X is not just keeping up with the change-it’s Revolutionising it.
