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Determination of the Significance of Innovation in Banking Sector

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Added on  2020-10-22

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The company offers a range of products and services to its customers like Corporate Banking, Investment Banking, Wealth and Investment Management, Mortgages, etc. For this project, Barclays Plc is taken for 2020 consideration which is one of the biggest banks and financial institutions in the UK. The company offers a range of products and services to its customers like Corporate Banking, Investment Banking, Wealth and Investment Management, Mortgages, etc.

Determination of the Significance of Innovation in Banking Sector

   Added on 2020-10-22

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MANAGINGINNOVATION INBUSINESS
Determination of the Significance of Innovation in Banking Sector_1
EXECUTIVE SUMMARYInnovation refers to way of doing things more efficiently as things are done in the past.This project is a continuation of CW1 in which innovation related to banking industry is done.Main purpose of this project is to determine the significance of innovation in the bankingindustry. For this project, Barclays Plc is taken for consideration which is one of the biggestbanks and financial institutions in the UK. The company offers a range of products and servicesto its customers like Corporate Banking, Investment Banking, Wealth and InvestmentManagement, Mortgages, etc. to its customers. The purpose of this company is to generate long-term and effective sustainable returns for its shareholders. In addition, the company wants tocreate opportunity for each of its customer to ensure appropriate and specialised services. The agenda of this report is to determine the future of the industry in 2020 and beyond.To achieve this, future industrial trends and innovations are analysed and their opportunity as perthe banking sector of the country are evaluated.Another purpose of this report is to analyse Barclays' innovation requirements for 2020and beyond. Detailed analysis is performed to determine various innovation that could fulfilthese requirements for a distant future. For this, Robot Assistance, Facial RecognitionAuthentication Technology and Artificial Intelligence and Virtual Reality are chosen as the mostappropriate innovations.Lastly, the report determines a road map for implementation of innovation within thecompany. For this purpose, Facial Recognition Authentication Technology has been chosen asthe most appropriate innovation for Barclays as per its innovation capabilities to fulfil futureinnovation requirements in 2020 and beyond.
Determination of the Significance of Innovation in Banking Sector_2
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................2INTRODUCTION...........................................................................................................................4MAIN BODY...................................................................................................................................4Future of industry 2020 and beyond.......................................................................................4Organisations innovation requirement 2020 and beyond.......................................................6Barclays Timeline for Future Innovation...............................................................................9Road map for future innovation:............................................................................................9CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Determination of the Significance of Innovation in Banking Sector_3
INTRODUCTIONInnovation refers to introducing new changes in the products or services of a company todevelop better solutions to meet new and unique requirements (Biemans, 2018). In other words,it is a process of uncovering different and unique ways to do same thing. For this report,Barclays PLC is taken for consideration which is one of the largest bank in United kingdom andheadquartered is London. The main aim of this firm is to provide effective products and servicesto its clients in a diversified manner which ensures its resilience across the economic cycle. Thecompany has recently undergone strategic restructuring in the period of 2017-18 and is currentlyfocusing on profitability (Our strategy, 2018). With the country experiencing drastic changesafter the events of Brexit, Barclays too is expanding its existing subsidiaries like Barclays BankIreland (BBI) to effectively provide its offerings to its client after the anticipated departure of theUK from European Union in March 2019 (Preparing for Brexit, 2018). The future plans of theorganisation beyond 2020 involves expansion in different locations, for instance, Dublin toaccomplish its Irish operations and provide its banking and financial services to the clients in thecountry (Barclays reveals expansion plans for Dublin, 2018). The main aim of this report is tofind out how company uses different types of innovation to gain competitive advantage orsustainable business performance. According to research, Barclays is holding 18th number invaluable banks in the world (Banking 500 2018, 2019). Main purpose of this giant is to becomethe market leader of banking industry by beating various brands like JP Morgan or Deutschebank etc. (Barclays' Competitors, Revenue, Number of Employees, Funding and Acquisitions,2018). Different types of services this bank offers is private banking, wealth advisory,investment services to big companies etc. Future of the bank will be predicted that howcompany can opt different types of strategies to enhance their business operations as Brexit isseen as a threat to banks in the UK. Moreover, explanation behind opting innovation as amarketing tool will be explained. At last, road map of an organisation for future innovation willalso explained.MAIN BODYFuture of industry 2020 and beyondInnovation and technology are the important factors through which any company cangain competitive advantage over other competitors. Banking industry is one of the most
Determination of the Significance of Innovation in Banking Sector_4

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