COVID-19 update included
The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic


Summary

Barclays is a global financial services provider offering personal and business banking, wholesale and commercial banking, and private and investment banking solutions to individuals, SMEs, corporations, and high-net-worth (HNW) clients. The bank operates across Europe, Asia, Africa, the Middle East, and the Americas and is headquartered in London.

This report provides insights into Barclays’ digital transformation strategies, accelerator programs, and innovation centers. It also gives an overview of its technology initiatives, covering partnerships and product launches, as well as insights on each technology initiative including technology theme, objective, and benefits. In addition, the report includes details of the company’s estimated ICT budgets and major ICT contracts.

Launched in 2018, Barclays API Exchange is a digital experimental platform that provides third-party developers with the tools to discover, test, and leverage Barclays APIs within their own apps and platforms and enhance the digital experience of their consumers.

Launched in April 2018, Barclays UK Ventures focuses on establishing partnerships and acquiring equity stakes in financial technology companies. The unit works to identify, incubate, and scale new ideas as per customers’ needs.

Founded in September 2017, the Group Service Company is a separate legal entity that manages the central operations of Barclays Group. It acts as a center of excellence for all innovation within Barclays Group and eliminates the duplication of effort and cost, especially in its fintech initiatives.

Launched in 2013 by Barclays and Techstars, Barclays Accelerator is a 13-week program that selects 10 promising fintech startups from 52 countries. Participants get access to Barclays resources and mentorship from entrepreneurs associated with Techstars. Established in 2015, Rise is an open innovation hub that enables fintech startups, corporate clients, and industry experts to collaborate with Barclays to create disruptive fintech products.

Barclays appointed Akhil Ahuja as the head of enterprise and communications technology banking in August 2019. In October 2018, Barclays appointed Ed Wehle as head of global technology services banking.


Scope

  • Barclays is enhancing its digital capabilities to better serve its customers by providing innovative digital offerings and digitally engaging with the customers. In 2018, around 10.8 million customers and clients in the UK were using Barclays’ digital services, while its mobile banking customers have increased to 6.2 million.
  • Barclays is continuously focusing on empowering customers by providing access to dedicated products, tools, and training to help manage digital security and improve financial health. The bank empowered around 260,000 people in 2018 through initiatives such as the Barclaycard Initial initiative and the Digital Eagles network.
  • Barclays has embarked on a digital transformation journey by taking advantage of PSD2 and open banking regulations to provide customers with innovative products and services from secure and regulated third-party providers.
  • By leveraging APIs, the bank is providing fintech startups with access to customers’ financial information to develop new easy-to-use and frictionless digital services across a greater range of touch points.
  • Barclays is exploring and utilizing AI, blockchain, big data, cybersecurity, payments, cloud, and mobile technologies to achieve operational efficiencies, expand products and services, and minimize security risks.




Reasons To Buy

  • Gain insights into Barclays’ fintech operations.
  • Gain insights into its fintech strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various investments, product launches, and partnership strategies.