Financial Inclusion and Customer Needs Analysis

The provided content discusses the concept of social change with a global perspective, exploring the intersection of social class and financial inclusion in the context of retail banking. The texts examined include research papers on ethics in qualitative research, financial inclusion policy, and consumer financial literacy, as well as articles from online sources such as Barclays, Daily Mail, and BBC News. The content highlights the diversity of social classes in the UK, with seven distinct groups identified, and explores how these social classes influence customer demand for financial services offered by commercial banks. The summary also touches on the importance of research methodology and tools in understanding social change.

To Examine The Relationship Between
Customers’ Social Class And Their Respective
Demands With Respect To Premier Bank
Account Service Offered By Banks: A Study Of
Barclays, United Kingdom
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ABSTRACT
The society of UK is divided in different social classes based on wealth, income,
education etc. that determines role and status and lifestyle of an individual. All these elements
also lead significant impact on selection of a range of products and services. In this context, the
present study is carried out to assess the relationship between customers’ social class and their
respective demands with respect to premier bank account service offered by banks. As per the
aim of research, entire study is scheduled by considering different banking products and services
of Barclays bank. By focusing aim and objectives of research, this investigation has addressed
demographics of individuals related to different social class of society in UK such as income,
profession, education, average age etc. With reference to this information, researcher has found
that the people belong from upper class and upper middle class are able to afford premier
services of banking from. Henceforth, banking firm provides a range of services as per special
requirement of high class of people. The present study is controlled an appropriate research
methodology based qualitative method of research. As per the nature of study, research has
considered secondary sources of information for assessment of wide range of data about social
class and their impact on privilege banking services. A systematic evaluation of a range of data
has found significant changes in social class and income of people due to change educational
standards and economic position of country. Further study has found that social class of people
creates huge impact on requirement and design of primer banking services. On the basis of this
information, management of Barclays bank is able to make appropriate changes in services and
their quality. The present research also provides some suggestion to Barclays bank in the from of
continuous market assessment, collection of information about new technology and continuous
evaluation of social changes.
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TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION ...................................................................................................6
1.1 Background of the study........................................................................................................6
1.2 Rationale for the study...........................................................................................................7
1.3 Research aim..........................................................................................................................8
1.4 Research objectives................................................................................................................8
1.5 Research questions ................................................................................................................8
1.6 Chapter structure ...................................................................................................................9
CHAPTER 2: LITERATURE REVIEW ......................................................................................11
2.1 Introduction..........................................................................................................................11
2.2 Definitions............................................................................................................................11
2.3 Assessment of premier bank accounts and other services offered by bank ........................12
2.4 Analyzing the impact of social class needs on bank accounts offered by bank..................13
2.5 Relationship between changes arise in demands of customers and privilege bank account
facilities offered by banks in UK...............................................................................................15
2.6 Conceptual framework .......................................................................................................17
2.7 Conclusion...........................................................................................................................18
CHAPTER 3: RESEARCH DESIGN AND METHODOLOGY..................................................19
3.1 Research type ......................................................................................................................19
3.2 Research design ..................................................................................................................19
3.3 Research philosophy............................................................................................................19
3.4 Research approach...............................................................................................................20
3.5 Data collection method........................................................................................................20
3.6 Data analysis........................................................................................................................21
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3.7 Validity and reliability.........................................................................................................21
3.8 Ethical consideration............................................................................................................21
3.9 Limitation of study...............................................................................................................22
CHAPTER 4: RESULTS, ANALYSIS AND DISCUSSION.......................................................23
4.1 Introduction..........................................................................................................................23
4.2 Result and analysis ..............................................................................................................23
CHAPTER 5: CONCLUSION AND RECOMMENDATION ....................................................35
5.1 Conclusion...........................................................................................................................35
5.2 Recommendation to banking firm.......................................................................................36
5.3 Limitations of the study and suggestions for future research..............................................38
REFERENCE.................................................................................................................................39
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INDEX OF TABLES
Table 1: Comparison of services in different saving accounts......................................................22
Table 2: Comparison of services in different current accounts.....................................................23
Table 3: Percentage of different social classes..............................................................................25
Table 4: Demographics of different segments of society..............................................................27
Table 5: Profile of people associated with different Social classes...............................................32
Table 6: Gantt Chart.......................................................................................................................35
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ILLUSTRATION INDEX
Illustration 1: Conceptual framework............................................................................................16
Illustration 2: Proportion of different social classes......................................................................25
Illustration 3: Comparison of income and savings of different segments of society.....................29
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CHAPTER 1: INTRODUCTION
1.1 Background of the study
Banking industry plays significant role in economic growth of any country. In the context
of UK, banking sector provides wide range of services and control different kind of financial
transactions as per the needs of individual and business customer. Furthermore, there is tough
competition identified between several banks associated with banking sector of UK. In order to
manage competition, different banks offer distinct kinds of services to attract consumers (Baird
and Parasnis, 2011). This approach has influenced management of different banks to consider
many types of external factors related to service development such as social class of people,
technology, needs of consumers, product portfolio of other financial companies or institutions,
etc. All these factors have played significant role in service development as per the distinct needs
of consumers to assess competitive advantage. In the recent years, there has been several changes
identified in quality and variety of banking services offered by different banks in UK due to
change in needs and interests along with life style of people (Buttle, 2004). As per the current
market trends, the current research is carried to assess the relationship between customers’ social
class and their respective demands with respect to premier bank account service offered by
banks. In this regard, the present investigation has considered privileged bank accounts which
are offered by Barclays bank to their customers in UK.
The current study is mainly focused on social class people that influence their needs,
lifestyle and requirement of banking products. Therefore, researcher has carried out systematic
investigation in order to assess the role of social class in selection of banking services. In this
context, investigator has paid extra attention on premier bank accounts along with other
privileged facilities provided by Barclays bank (Reinartz and Kumar, 2003). This research has
facilitated different aspects associated with social class of people that influences the demand of a
variety of banking products. This study has determined several aspects of premier banks
accounts and needs of high class people of society from which management of Barclays bank
can improve the service delivery process as per the expectation of target consumers.
Background of company
Barclays bank is part of Barclays that is a UK based milt-national banking and financial
services company. The head quarter of Barclays bank is situated in London. It provides distinct
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kinds of financial services for individual, business clients along with public authority. The bank
was found by John Freame and Thomas Gould as goldsmith bankers in London Street in 1690.
The bank is managing different kinds of banking operations in over 29 countries (Barclays About
us, 2015). Presently, bank is offering wide range financial services as per the distinct needs of
consumers such as bank accounts, investment, insurance, finance etc. Business entity also
considers different aspects such as culture, lifestyle, social class, technology while making
banking services. This current study helps management of Barclays bank in order to improve
service quality as per distinct needs of people associated with different class of society. This
investigation provides assistance for improving additional services with primer bank accounts.
1.2 Rationale for the study
What is the research issue?
The present investigation is carried out to examine the relationship between customers’
social class and their respective demands with respect to premier bank account service offered by
banks. In this regard, researcher has tried to examine the different premier services offered by
Barclays bank their influences on social class (demographic profile of customers). With
reference to this information, management of Barclays bank is able to assess the impact of social
class on financial needs of an individual. This information assists organization to improve
service quality.
Why is it an issue?
The change in income and social class of people leads significant changes in needs and
lifestyle along with needs of financial services. It also leads negative impact on development and
delivery of services which is considered as a main problem. Further, banking organization also
faces some issues regarding the proper implementation of market segmentation and targeting
approaches in development of banking service. All these factors have led negative impact on the
quality and features of premier bank accounts which are offered by Barclays bank.
Why is it an issue now?
Bank has introduced different types of premier services to upper class people and but
failed to capture wide segment of customers there. This research problem provides assistance to
investigator in order to analysis the changes arise in lifestyle of people so that better product
portfolio can be developed and executed for each and every category of people in UK. This
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situation also creates negative impact on market position of bank along with handling of market
competition.
What could this research shed light on?
In order to manage market competition, present research has identified several banking
products and their relationship with demographic profile and needs of consumers. Apart from
that effectiveness and features of different premier bank accounts are evaluated as per the distinct
requirement of consumers belongs from upper class. Furthermore, this investigation also
determines the impact of people's lifestyle on their financial needs and services required in bank
accounts.
1.3 Research aim
Aim of research is to assess the relationship between customers’ social class and their
respective demands with respect to premier bank account service offered by banks. The research
is conducted by evaluating different premier services of bank.
1.4 Research objectives
Research is organized with a certain goal to assess appropriate research outcomes. The
primary aim of present research is to to assess the relationship between customers’ social class
and their respective demands with respect to premier bank account service offered by banks. To
manage research work with an efficient manner; it is essential to fulfill below explained
objectives:
 To evaluate different kinds of premier bank accounts offered by Barclay bank to its
customers.
 To analyze the impact of social class needs on bank accounts offered by bank
 To assess relationship between changes arise in demands of customers and privilege bank
account facilities offered by banks in UK
 To suggest about introducing and delivering premier bank account service by bank to
capture wide range of social class people in UK.
1.5 Research questions
Research must be required to valid solutions and appropriate outcomes with reference
research problems to get ensure about success of researcher. In this context, it is necessary for
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researcher to assess proper guidance about different elements of research by developing an
appropriate research questions. Research questions for present study are mentioned below:
1. What are the different kinds of premier bank accounts offered by Barclay bank in UK?
2. How needs of social class people influences premier bank account service offered by
Barclay bank?
3. What is the relationship between changes arise in demands of customers and privilege
bank accounts facilities introduce by banks in UK to them?
4. What are changes required in the ways of bank accounts services introduce and delivers
by bank to capture social class people in UK?
1.6 Chapter structure
In order to carry out different activities of research with an appropriate manner,
researcher is required to consider a systematic schedule of operations. This system improves
reliability and effectiveness of research outcomes. In this context, different section of present
research work is explained below:
Chapter 1: Introduction
The section is considered as one the most important part that facilitates an overview of
whole research by examining the prospect of study along with background of organization. This
section provides assistance for understanding the social class in development of different types
of financial products. This part also provides basis of investigation as well as aims and
objectives.
Chapter 2: Literature review and conceptual frame work
It is termed second part of study in which researcher performs theoretical analysis or
literature review. This investigation is carried out through evaluation of findings of previous
researches as well as theories of different authors as per the aim and objectives of present study.
This section provides information about the impact of social class on requirement of banking
services.
Chapter 3: Research design and methodology
Research design and methodology is considered third section of study. This chapter is
determined a detail evaluation of different techniques and approaches used to handle different
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operations of research. This evaluation helps researcher in selection of most appropriate and
reliable research tools as per the nature and significance of present investigation.
Chapter 4: Results, analysis and discussion
This selection is playing important role for handling different aspects of study. This part
examines several tactics that can be used in data analysis that has been assessed from different
primary and secondary sources. It is identified as most important element for researcher because
it directly affects the validity and reliability research outcomes. This portion determines the
techniques from which different types of data can be examined.
Chapter 5: Conclusion and Recommendations
Last section of report is termed as conclusion and recommendations. This chapter
determines a summary and detail information of several outcomes along with findings that have
been assessed through evaluation of wide range of facts and figures. Moreover, this part also
pays extra attention on the recommendations in resolve several issues as per the aim and
objectives of investigation.
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CHAPTER 2: LITERATURE REVIEW
2.1 Introduction
Literature review is termed as systematic process from which a researcher is able to carry
out in-depth evaluation of a variety data and theories by considering aim and goals present
investigation. By managing in-depth investigation of past researchers and theories, researcher is
able to generate appropriate outcomes from reliable sources (Servon and Kaestner, 2008). In the
present research work, investigator tires to examine the impact of social class of people on their
banking needs with reference to premier services or bank accounts of a commercial bank. This
section provides views and investigation of different authors and researcher in the context of aim
and objectives of present study from which investigator can generate appropriate conclusion.
This approach is also expressed as theoretical evaluation in which researcher can increase
appropriateness information that has been collected various secondary sources such as books,
journals and other online sources.
2.2 Definitions
As per the topic of study, different definitions are explained below:
According to Audretsch, Bönte and Tamvada, (2013) “A social class is defined as a large
group of people who have occupied similar position in society. A social class can be categorized
with reference to income, wealth, education, race, culture etc. of people. It includes upper class,
middle class, working class and lower class which are based on income and wealth of an
individual. "
According to McMichael (2011) "It is defined as status hierarchy in which different
groups are sorted as per the esteem and wealth of people which have been acquired through
economic success and personal knowledge."
As per the views of Relaño (2011) “Commercial banking is defined as combination of
different kinds of banking services which are provided by a commercial bank as per the distinct
needs of consumers such as bank accounts, loan, credit cards, investments, insurance etc. Banks
are also facilitating different as per lifestyle and social class of different individuals. "
Eraydin (2008) determines "Premier current account is termed an bank account which is
developed by a commercial bank in order provide more personalized services and lifestyle
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benefits to above average earners. This is because they have significant amount of money in
saving along with investments."
2.3 Assessment of premier bank accounts and other services offered by bank
The study of Bugg-Levine and Emerson (2011) has addressed that different types of
commercial banks are offered different kinds of premier bank accounts along with some
additional services to accomplish distinct requirement of upper class people. In this context,
premier saving and current accounts are offered by banks to attract consumers with different
kinds of unique services. Dash, Bruning and Ku Guin, (2009) have identified that different banks
offer many types of privileged services with the help of different premier bank. Further author
argued that most of banks such as Barclays bank are trying to offer some distinct services along
with basic banking services of a bank account. In the context of premier current account, an
individual or business can assess wide range of privileged services from banks. Current account
is mainly used by a businessman for business use (Beaverstock and Faulconbridge, 2013).
With reference to premier current of Barclays bank, it can be stated that bank provides
various services in current account for business needs (Collins, 2012). In this regard, a premier
relationship management team helps management or businessman in order manages various
operations associated with business planning, support along with expert advice. This service is
offered by bank through 24/7 telephonic banking team and dedicated premier relationship
managers are also appointed in the branch (Barclays Premier Banking services, 2015). In this
context, Li, Oberle and Dymski, (2009) have addressed that personalized relationship
management services helps in business expansion and funding decisions of an individual.
Further author has assessed that an individual also gets overdraft facilities without any mortgage
and debt and credit cards. In addition to that Collins (2012) has identified bank also offers
rewards points as per the transaction of individual in which a service user is provided several
other benefits such as free entry in English Heritage sites, member ship of cinemas, discounts in
restaurants etc. All these facilities are playing significant role in order to attract consumers
associated with upper class of society (Harman, 2010). Along with previously mentioned
services, an individual also gets various future benefits through premier current accounts as per
his transaction such as working capital, long term loans, mutual funds etc.
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It has been addressed that premier saving account is identified as one of the most
important banking product which is used by high class people for their saving needs. The study
of Jones (2012) has found that this banking product provides several facilities associated with
savings of people. This product also contains some features of current accounts such as
relationship management, reward points, credit cards, personal loans etc (Hollingsworth and
Mian, 2014). in premier saving accounts. In similar current account, an individual mainly
assesses several services associated with personal banking use such as online banking, mobile
banking etc (Jones, 2012). With reference to banking products of Barclays bank, it has addressed
an individual also gets investment ISA's facilities from which an individual is able manage its
investment along with savings. Alam, Musa and Hassan (2009) has analyzed that an investment
(stocks and shares) ISA is considered as great place to invest funds. This service provides
efficient returns along with tax benefits that increase income of an individual. Furthermore, bank
is not levying any kinds of charges such as admin fee, initial dealing charges for investment
made by customer of banks (Alam, Musa and Hassan, 2009). It completely fulfills investment
needs of an individual consumer who belongs from upper class of society. The research of
Quaglia (2010) has elaborated that bank also offers premier banking flexible bonds for privileged
customers. These bonds are relatively issued for 3 to 5 years in which a service gets fixed rate of
returns along with 30% or more access of initial balance from which a customer is able to
acquire funds for personal use without affecting the investment and annual returns (Barclays
Premier Banking services, 2015). It is considered as a great service that is facilitated by bank
along with premier saving that enables an individual to manage liquidity of funds along with
appropriate returns. Aregbeyen (2011) has found that premier saving account offers instant
access from which an individual is able to manage funds through different modes such as online,
telephonic and branch without any limit. In this premier banking service, service user of bank
also gets more interest on deposit along with easy access to loans, credit cards and other services
of banking firm (Bicker, 2013).
2.4 Analyzing the impact of social class needs on bank accounts offered by bank
Inganga and their colleagues (2014) defined different factors affecting customer demand
of Financial Services offered by commercial bank in country. They explored that demographic
profile of customers, individual saving and involvement of banking activities were the major
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factors affect services offered by bank to its customers (Inganga and et.al., 2014). In this regard,
the study of Rose and Harrison (2014) has evaluated that a person is associated with several
groups such as family, club, friends and organization. The position of an individual in each group
is categorized by status and role in particular group. Therefore, role of an individual is
determined as several activities and procedures that have been followed in particular group
(Harman, 2010). These elements have created huge impact on decisions of an individual for
selection of an banking product and services as per his social class (Allen, 2008). In this context,
banking institutions are also considered social status, roles etc. in development of many kinds of
banking products and services. Barrow (2013) evaluated that, there had been several changes
identified in variety and service quality offered by banks due to change in interest and life style
of people. It further argued that, banks in UK have provided wide range banking products
related to investment, saving, debt, funding, insurance and etc. as per the needs of different social
class (Barrow, 2013).
Farquhar and Panther (2008) found several variations in banking needs of people who
belongs from different social class such as Upper class, middle class and lower or working class
(Farquhar and Panther, 2008). Author further explained that social class has found as relative
permanent and ordered division of people who are having similar values, groups, values and
interests etc. The research of Hollingsworth and Mian (2014) have found that banking institution
has to consider several other aspects in developing of different services as per the social class
based on income along with education, wealth etc. The upper class includes the social elite who
live on inherited wealth and also gives large sum of money to charity (Retail Banking 2020,
2015). The people belongs from upper class are having more than one home and send their
children to the finest school as well as always acquires expensive homes, education, and cars. It
includes businessmen, top government officials and top managers of private firms (Alam, Musa
and Hassan, 2009). In this regard, Bennett and Kottasz (2012) examined that banks offered wide
range of products such as investment, mutual funds, etc. for investment needs of upper class
people with in premier banking services such as premier current and saving accounts. Further,
they evaluated that, middle class can be termed as a group of professionals, small business men
etc. that requires wide range of banking products such as current accounts, working capital
facilitates, long term loans, home loans, saving accounts, etc (Bennett and Kottasz, 2012). As per
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the banking needs of individual associated with middle class, banking organization offers
different kinds of services as per their personal and professional needs without any kind of
privileged services as per the their income and expenditures.
Mitton (2008) explained that, banks in UK also tired to meet different requirements of
working class people with the help of saving accounts, term deposits, home loans, insurance etc
(Mitton, 2008). So, products of banks in UK were greatly influenced by social classes. It
includes such individuals who are earning average pay and mainly handling blue collar jobs.
They greatly depends on relatives for economic and emotional support in order to take any kind
of purchases decisions as well as also need assistance to handle different situations (Jones, 2012).
On the basis of this information, it has analyzed that banking firm provides normal banking
services to working class people and charges extra amount for other value added services (Baird
and Parasnis, 2011). People belongs of working class are mainly acquired basic service in the
form of saving accounts from which they saves funds in the form of term deposits and other loan
facilities.
The investigation of Audretsch, Bönte and Tamvada, (2013) has evaluated that consumer
behavior theory have been played significant role in offering of different banking products as per
social class. It has evaluated that banks have to evaluate several factors such as purchase
decisions of consumers, income level, social status etc. while facilitating distinct of services such
as current account, saving accounts and other value added services (Audretsch, Bönte and
Tamvada, 2013). These factors have played vital role on demand of different types of banking
products along with profitability of bank (Reinartz and Kumar, 2003). So, bank determines
features of different banking products along with service quality as per the lifestyle and social
class of an individual.
2.5 Relationship between changes arise in demands of customers and privilege bank account
facilities offered by banks in UK
The research of McMichael (2011) has examined that demographic changes in UK has
created significant impact on banking needs of upper class people in the form of privileged
services and banks accounts. Author further argued that change in demographics of people
provides opportunities to banking operations with the help of creative services and banking
products. It has been assessed that major population of developed is facing issue of aging that
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influence their needs towards saving and investment as compared to credit and consumption
(Relaño, 2011). It greatly influences additional features and services which are offered in
premier bank accounts. Eraydin (2008) has assessed that the income of middle class will be
raised. It creates significant impact on demand of privileged banking services along with bank in
accounts. In the context, study has identified wealth management service within premier bank
accounts are playing vital role in growth of retail banking operations. Author further argued that
wealth management is termed as one of the most important banking needs of upper class and
middle class consumers (Bugg-Levine and Emerson, 2011). If a bank is not able to offer strong
wealth management services then banking could face issues in order to handle market
competition. Furthermore, customers are also increasing responsibilities of banks in the form of
long term financial planning in both developed and emerging countries through different kind of
privileged banking accounts and services.
The research of Dash, Bruning and Ku Guin (2009) have evaluated that customer
expectations in banking sector have been shaped by their interactions with some other
individuals outside of banking industry. This thing creates huge impact in wants of people in the
form of service quality which has been provided by other firms. Therefore, banking organization
has to manage quality and efficiency of premier banking services as per the customer
experiences along with market standards in the field of privilege services (Beaverstock and
Faulconbridge, 2013). These elements influence the banking organization in order to integrate
different sales and service channels as per the distinct requirements of upper class people for
facilitating seamless customer experiences. In this aspect, banking organization has to consider
unique needs and requirement while tailoring a variety of financial products and banking
services (Barclays Premier Banking services, 2015).
Li, Oberle and Dymski, (2009) have identified that the social media has played vital role
to establish connection with consumers to understanding distinct needs of consumer belongs
from different social class. These tools provide an opportunity to consumers for comparison of
services and offering of different banks. Social media has been assessed as one of the most
important source of information from which banking firm is able to assess the impact of change
in lifestyle and social class on the banking needs of people (Alam, Musa and Hassan, 2009).
Author further argued that this information helps banking firm in shaping premier banking
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products and services along with facilitation of personalized services with reference unique
requirement of premium customer in the form of working-capital for business, reward points on
spending, investment and mutual funds (Bennett and Kottasz, 2012). Farquhar and Panther
(2008) have explained that continuous evaluation of customer's needs in terms of premier
banking services have been considered as a most important factors associated with success of
banking organization and satisfaction of consumers. Author further evaluated that evaluation of
customers expectation provides assistance to banking organization in order to restructured
business operations as per the current market trends for handling market competition (Inganga
and their colleagues, 2014). This approach has enhanced service quality along with creativity
that helps banking firm to improve service quality as per the current market or expectations of
consumers. In this context, consideration of social class in creation of banking products enhances
the efficiency of organization along with success of banking firm (Rose and Harrison, 2014).
2.6 Conceptual framework
Illustration 1: Conceptual framework
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Demographic profile of customers
Individual
Household
Business needs
Privileges services offer by Barclay
Loan
Bank operating cost
Life style of people
Overdraft
Income
Exclusive offers and
rewards
Other services

2.7 Conclusion
By considering the above literature review, it can be concluded that social class of
consumers has created huge impact on their requirement of banking services along with service
quality. In this context, this theoretical analysis has addressed that banking organization such as
Barclays bank has to diversify several banking products and services in the form of banks
accounts, loans, investment etc. as per the lifestyle, social class and income of people. This
approach has provided an opportunity to bank to attain expectations of consumers belongs from
upper class of society through different kinds of premier accounts or privilege services. This
investigation has found that premier accounts such as current and saving have supported banks in
order to attain several needs associated with business or personal purpose. Report has examined
that an banking firm can attain expectation of consumers through different kinds of value added
services such as reward points on each transaction, wealth and investment services, relationship
manager, personalized services such as investment planning, business planning, debt
management etc.
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CHAPTER 3: RESEARCH DESIGN AND METHODOLOGY
The research methodology is considered as an important part of research that facilitates
understanding about a variety of tools and approaches which are applied to carry out systematic
investigation. The research methodology is considered as an important part on investigation that
provides different guidelines for controlling different aspects study.
3.1 Research type
A researcher evaluates several methods in selection of best method for study by
considering nature and objectives. It includes qualitative and quantitative method. The present
research work is carried out to assess the relationship between customers’ social class and their
respective demands with respect to premier bank account service offered by banks (Mackey and
Gass, 2013). It reflects the qualitative nature of study. In this context, Researcher has selected
qualitative method in the study. The rationale behind to take this approach is easy availability of
secondary data related to evaluate wide range facts, figures as well as statistics to assess
relationship between social class and privilege services offers by Barclay bank in UK. On the
other hand, quantitative method of research is useful in generation of appropriate research
outcomes as per the wide range of statistical facts or financial data (Silverman, 2010).
3.2 Research design
It is defined as tactic from which researcher can handle various aspects of research. There
are several designs of research identified through research is carried out such as descriptive,
exploratory and casual- comparative. As per the research aim, exploratory research design
technique has applied by investigator for exploring wide range of data as per the certain facts and
evidences (Research methodology: An Introduction, 2015). It is very effective for establishment
of proper foundation for research by using certain facts and data related to social class of UK and
their impact on banking products and accounts. On the other hand, descriptive research is not
useful as per the nature of present study because it has been found very effective in evaluation
human behavior. But, it has not identified appropriate current research work.
3.3 Research philosophy
Research philosophy is defined as an ideology in which researcher can established his
perception about several operations of study to generate appropriate research outcomes. In this
regard, there are two types of research philosophies such as interpretivsim and positivism
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philosophies are available for investigator (Flick, 2015). Apart from this, positivism research
philosophy has used by the researcher that provides research outcome according to some specific
evidence associated with banking sector of UK. On the other hand, interpretivism philosophy is
not appropriate in the context of present study. This is because this philosophy has been found
appropriate in evaluation theoretical data (Pickard, 2012). Therefore, positivism approach assists
researcher in order generates appropriate research outcomes with reference to certain logic and
information.
3.4 Research approach
By focusing the aims and goals of investigation, research is able to select any one
approach inductive and deductive. Therefore, inductive research approach has been implemented
in order to assess appropriate research outcomes by evaluating wide range of general information
and logical facts related to different types of services and banking products offered by banks in
UK (Burns, 2008). This approach has been found suitable in evaluation of complex data
associated with social classes of people and their impact on demand of banking products and
financial services in UK. But, on the other hand, Deductive approach is not reliable in the
context of present research work initiates (Miller and et.al., 2012). This is because this approach
is applied with reference to certain theory or hypothesis that has been determined as per the
needs of investigator.
3.5 Data collection method
An investigator considers different tools of data collection such as primary and
secondary. The primary data collection method is used by researcher for collection first hand
information by using different tactics such as survey, questionnaire and interviews (Research
Methods and Tools, 2013). On the other hand, secondary sources like books, online websites and
past studies etc. are considered by investigator to collect information. In order to assess wide
range of information, Researchers has selected secondary data collection method to assess the
relationship between customers’ social class and their respective demands with respect to
premier bank account service offered by banks (Danping and Lee, 2011). In this process,
research acquires different kind of information about banks accounts and social classes through
various secondary sources such as online websites, books etc.
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3.6 Data analysis
It is identified as most important section of research. This is because reliability and
appropriateness of research outcomes is greatly depending on the tool of data analysis. The
analysis of has been carried out by applying thematic analysis. In this regards, several themes are
created by researcher as per the aim and objectives (Anderson, Adey and Bevan, 2010).
However, Quantitative analysis has not found reliable to assess relationship between social class
and premier bank accounts offered by Barclay bank in UK. This is because this approach is very
effective in evaluation various statistics related sales data, growth rate etc. Furthermore, it can be
said that quantitative is only reliable in generation of research outcomes that are practicable on
the mathematical along with logical grounds.
3.7 Validity and reliability
An investigation can be considered valuable when research generates valid and accurate
outcomes. To attain validity and reliability of research outcomes, investigator has assessed a
variety of information associated with the social class and its impact on lifestyle of people
through trustworthy and valid sources (Manion, Cohen and Morrison, 2007). In addition to that,
a universal format of report preparation in followed to ensure appropriate presentation of
information. In this regards, researcher has determined different criteria associated with
feasibility of outcomes. By checking research outcomes as per these criteria, investigator is able
to ensure about validity and reliability of information along with outcomes of study.
3.8 Ethical consideration
It is termed as most important element to ensure fairness and reliability of research
outcomes. Therefore, it is necessary for researcher to comply different research practices as per
the ethical framework. For maintaining appropriateness of research outcomes, investigator has
ensured about the confidentiality of information which have been gathered from several sources
associated with social aspects and its impact on banking needs of an individual with reference to
banking products of Barclays bank in UK (Burns, 2008). Furthermore, investigator has also
considered different norms and standards of the Data Protection Act, 1988 to protect the data that
has been acquired from various secondary sources from unethical use and unfair practices. This
law also assists researcher in order keep the information secure by using different tools.
22

3.9 Limitation of study
There are several limitation addressed in handling of various aspects associated with
research operation. In the context, some ethical issues have been addressed related to reliability
and privacy of data during collecting data (Badke, 2012). In addition to that limitation of time
and other resources have been affected the effectiveness of data collection process. This research
is carried to examine how social class influences the banking needs of individual along with
banking products of a bank. Therefore, researcher has addressed some issues associated with
appropriateness of secondary data which has been assessed as per the aims and objectives of the
study. Investigator has faced some issues related to coordination among various activities as per
the schedule of present investigation. This thing delays the whole research.
23

CHAPTER 4: RESULTS, ANALYSIS AND DISCUSSION
4.1 Introduction
This segment of research is identified as most important part of investigation. In this
section, researcher presents and examines a variety of data that has been collected through
secondary sources of information such as books, online blogs, and journals along with findings
of past studies. In the current study, researcher has adopted thematic analysis in which different
kinds of themes are created as per the aim and objectives of investigation to analysis different
aspects of social and their impact on the premier banking services of Barclay bank such as
premier bank accounts (Bennett and Kottasz, 2012). This approach plays significant role to
assess of needs of upper class citizens of UK from premier banking services. With the help of
this section of study, researcher is able to examine the impact of social class on premier bank
accounts of other banking services. In this context, investigator formulates different tables and
diagrams for presenting different factors with reference to thematic analysis.
4.2 Result and analysis
Theme 1: Comparison of normal bank accounts of Barclays bank with premier bank
accounts
Comparison of services in different saving accounts
Table 1: Comparison of services in different saving accounts
Normal saving account Bonus saving accounts Premier saving account
24 hours access All the services of normal
bank account
All the services of normal
bank account
Hello money High return on savings Relationship management
Internet banking Interest calculated daily and
paid monthly
Reward points on each
shopping
Debt card Monthly bonus interest also
paid
Premier Credit cards and
personal loans
No minimum Mobile banking
Easy access to other products ISA's facilities
24

Flexible bonds
Comparison of services in different current accounts
Table 2: Comparison of services in different current accounts
Normal current account Premier current account
24 hours access All the services of normal current account
Hello money Premier relationship management team
Internet banking Business planning, support along with expert
advice
Convenient Bill payment Overdraft facilities without any mortgage
No minimum balance Membership of cinemas, discounts in
restaurants
Access to other services Other facilities such as working capital, long
term loans, mutual funds
Reversal of charges
On the basis of above tables, there are several variations identified in services offered in
different bank accounts of Barclays bank. In comparison of saving accounts, it has been
addressed that different saving accounts such as normal, bonus and premier accounts are
considered as most popular bank accounts which are playing significant role to attain different
banking of needs of an individual as per his lifestyle (Barclays Premier Banking services, 2015).
As per the above comparison, it can be stated that an individual can acquire normal banking
services in normal saving account such as debt card, online banking and hello money etc. These
features are able to attain basic of needs of individual consumers. Apart from that organization
also offers bonus saving account from which an individual gets high returns on savings due to
high interest rates, per day calculation of interest along with monthly bonus in the from of
interest. This bank account has been considered most popular bank account to attain the
investment and returns objectives (Collins, 2012). In the contrary, Barclays bank has developed
25

premier current account with various privilege services such as personal relationship
management, reward points on each shopping, ISA's facilities, flexible bonds, premier Credit
cards and personal loans etc. as per requirements of upper class and middle class individual.
In this context, research of Alam, Musa and Hassan (2009) has analyzed that an
investment (stocks and shares) ISA is considered as great place to invest funds that provides
efficient returns along with tax benefits. In addition to that flexible bonds for privileged
customers that are relatively issued for 3 to 5 years in which an individual is able to acquire fixed
rate of returns and a service user is also get access of 30% or more access of initial balance for
personal use without affecting the investment and annual returns.
On the other hand, comparison of normal current account with premier current account
has addressed significant differences in quality and verity of services. It has identified that a
service user only gets basic services of bank accounts along with bill payment facilities (Li,
Oberle and Dymski, 2009). But, premier current account holder is provided a range of additional
services to attain his business needs such as premier relationship management team, business
planning services, expert advice on investment decisions, overdraft facilities without any
mortgage and reversal of charges. All these services are playing significant role in order to
goodwill of firm. In this regard, the investigation of Li, Oberle and Dymski, (2009) have found
that personalized relationship management services are playing vital role in different
management decisions of an organization related to business expansion and funding decisions.
Further author has assessed that an individual also gets overdraft facilities to fulfill cash
requirements. Member ship of cinemas and discounts in restaurants are playing significant role to
attain different requirements corporate or upper class consumers.
With reference to above analysis, it can be interpreted that banking organization requires
to offer different kinds of services as per the social class and lifestyle. This approach provides
assistance to reduce cost of operations and to increase profitability of bank. By categorizing of
banking products as per needs of target consumer, bank is able attract more consumers.
Therefore, researcher of present study determines that quality of banking products and services
as well as change in needs of people as per social class both are interrelated concepts.
Theme 2: Proportion of each social class in total population of UK
26

Social class of an individual is played significant role in order to assess backgrounds,
income, status, lifestyle as well as needs of banking services. In UK, different social classes such
as upper, middle, lower class have been categorized in six sub categories that are A, B, C1, C2,
D and E. This concept is applied to every Household Reference Persons (HRP) who are aged
between 16 to 64 (Dash, Bruning and Ku Guin, 2009). In the context of present study, proportion
of each social class in total population of UK has played important for assessment of requirement
of banking products and services. As per the UK Office for National Statistics, some important
statistics are mentioned below:
Table 3: Percentage of different social classes
Social Grade Description
% HRP
population (UK)
A,B (Upper class)
Higher & intermediate managerial,
administrative, professional
occupations 22.17
C1 (Upper middle class)
Supervisory, clerical & junior
managerial, administrative,
professional occupations 30.84
C2 (Lower middle class) Skilled manual occupations 20.94
D, E (Working class)
Semi-skilled & unskilled manual
occupations, Unemployed and lowest
grade occupations 26.05
27

As per the above mentioned diagram, it has addressed that first two categories A and B
(Upper class) have kept 22.17% in total population of UK as Household Reference Persons. In
addition to that the 30.84% of total are associated with social class C1 which is also considered
upper middle class (Social Grade A, B, C1, C2, D, E, 2014). On the other hand, percentage of
people belongs from C2 category is 20.94%. At the end, 26.05% of total population in UK is
associated with working class of society that has been segmented in D and E categories. On the
basis of above statistics, it can be interpreted that people belongs from upper class and upper
middle class are managing high class lifestyle and able to afford privilege services of Barclay
bank. Therefore, it has addressed that more than 52% of total citizens of UK are belonging from
from upper class and upper middle class of society. Therefore, researcher has identified that
banking organization has vast opportunity to attract new customers of a range of premier services
(Bugg-Levine and Emerson, 2011). By considering special needs and desires of people belong
from high class of society, management of bank is able to design some unique services that
would provide significant benefits in the form of competitive edge over other banks, satisfaction
of consumers, loyalty of consumers etc.
The above findings are matched with past assessment that has been carried in literature
review. In this regard, investigation of Barrow (2013) has examined that a person is associated
28
A,B C1 C2 D, E
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
22.17%
30.84%
20.94%
26.05%
% HRP population (UK)
Illustration 2: Proportion of different social classes

with several groups such as family, club, friends and organization. Author further argued that the
position of an individual in each social group and category is evaluating by status and role of
individual in that particular group. Therefore, it can be said that these elements have led
significant impact on perception of an individual associated with a specific class of society while
taking any decision for selection of an banking product and services. In this context, banking
institutions makes efforts to assess wide range of information related to social status, roles etc. in
developing of different kinds of banking products along with standardization of services. Rose
and Harrison (2014) has evaluated that social class is played vital role in order to influence
interest and lifestyle of people that also influences changes in variety and service quality offered
by banks to meet requirement of consumers and to handle market competition. Aurther further
argued that, banks in UK considers different financial needs such as investment, saving, debt,
funding, insurance and etc. as per the needs of different social class.
As per the finding of different secondary sources, investigator of present study has
interpreted that upper middle class and elite class of UK's society has maintained significant
share in total population of UK so as the management of Barclays bank is having significant
opportunity to grow business. But, banking organization requires considering change in
preference and interest of high class consumers while designing different banking services from
which banking institution is able generate appropriate returns.
Theme 3: Demographics of different segments of society and their impact on demand of
banking products and services
As per the theme, researcher examines different elements or demographic of different
parts of society such as age, income, savings, education etc. and their impact on demand of
banking services. In the context of present investigation, different demographic factors of
individuals belongs from different class of society are mentioned in below table:
Table 4: Demographics of different segments of society
Social class Average age Population
share
Average income
(£)
Savings (£) House
value (£)
Elite (Upper
class)
57 6.00% 89082 and more 142458 325000
29

Established
Middle class
(Upper middle
class)
46 25.00% 47184 26090 176834
Technical
Middle class
(Upper middle
class)
52 6.00% 37428 65844 163362
New affluent
workers
(Lower middle
class)
44 15.00% 29252 4918 128639
Emerging
service
workers
(Lower middle
class)
34 19.00% 21048 1138 Nil
Traditional
working class
(Working
class)
66 14.00% 13305 9500 127174
Precariat
(Working
class)
50 15.00% 8253 793 Nil
30

As per the above mentioned table and diagram, researcher has addressed significant
variations in demographics such as income, saving, age etc. of different people belongs from
different part of society. Therefore, it has identified the people belongs upper class and upper
middle class are having higher income which is floated between 47184 and above that also
increases the value savings (Doughty, S., 2013) so as they require different kinds of banking
services in order to mobilize funds. High earnings are enabling people associated with high and
upper middle class for purchasing of privilege banking services. In similar way, lower middle
class is also divided into two subcategories such as New affluent workers and Emerging service
workers and average age of individuals belong from these categories is also lowest that is 44 and
34 (Baird and Parasnis, 2011). Therefore, young age people are spending more to meet day to
day expanses along with payment of interest and monthly installment. In this context,
individuals’ related to lower middle class is not able to take premier banking services of Barclays
bank so as they are mainly considered normal bank accounts from which these individuals are
able to acquire other banking services such as home and car loans.
31
Elite
Established Middle class
Technical Middle class
New affluent workers
Emerging service workers
Traditional working class
Precariat
0 50000 100000 150000
Average income ( ｣ )
Savings (£)
Illustration 3: Comparison of income and savings of different segments of society

In similar to lower middle class, the people related to working class of society are not
required privilege banking services because these individuals are living normal lifestyle as per
their income with very less savings. Further, working class individuals are not having proper
education and knowledge of latest banking tools such as mobile banking, internet banking, and
credit card services. Therefore, they cannot manage services provided premier bank accounts
such as current accounts.
The above analysis is also associated with different outcomes of past researches and
other secondary data. In this context, The research of Alam, Musa and Hassan (2009) have found
that banking institution has to consider several other aspects in designing of banking services.
Author further argued that the upper class contains social elite who live on inherited wealth and
also gives large sum of money to charity and they are having more than one home, well educated
and sending their children to the finest school purchase different homes, education, and cars. It
mainly contains businessmen, top government officials along with top managers of private firms.
In this aspect, Bennett and Kottasz (2012) has found that banks try to offer a wide range of
products and services based on the investment, mutual funds, etc. with the help of premier
banking services such as premier current and saving accounts. Apart from that, Bennett and
Kottasz (2012) has evaluated that, middle class includes a group of professionals, small business
men etc. that requires different kinds of normal banking services such as current accounts,
working capital facilitates, long term loans, home loans, saving accounts, etc. Further, Mitton
(2008) explained that working class people are having very less saving so as these individuals
are mainly using basic services such as saving accounts, term deposits, home loans, insurance
etc. It includes all citizens of UK who are earning average pay and mainly handling blue collar
jobs.
On the basis of above assessment, researcher has addressed that, demographics of an
individual lead significant impact on his role and status in society. It also influences requirement
of different banking products and services and banking organization has to design different
banking services as per the lifestyle along with personal and professional needs of an individual.
This approach assists banking firm to satisfy needs of consumer belongs from different part of
society.
Theme 4: Changes arise in social class of people in UK
32

There are different social classes identified in UK which are categorized by income and
social status of people. It leads significant impact on lifestyle and spending of an individual. As
per the data provided in previous, it has been addressed that new emerging service workers are
considered in middle class of society with reference to their income but these individuals are
mainly associated with youth of society. In addition to average age of such citizens in lowest that
is 34 years along with their savings because people belongs from this class of society has
managed high class lifestyle that increases requirement of banking services such as credit card
(McMichael, 2011). Furthermore, it has been addressed savings of technical middle class is
highest in the middle class of society that influences requirement of different investment
products and services which are offered by different companies and bank. It also influences
social lifestyle and needs of banking services.
Apart from that the percentage of middle class is also reached to 25% in UK due to
changes in occurred in political and economic scenario that has led significant impact on income,
social class and lifestyle of people. The increase in educational standards and qualification of
people has enhanced number of young age and high salaried individuals. All these elements have
created huge impact social class, status and lifestyle. These findings have significantly linked up
with outcomes and views of different authors and researchers. In this context, Eraydin (2008) has
found that industrialization and economic development in UK have enhanced requirement of
human resources for different departments such as technical staff, administrative workers,
marketing etc (Servon and Kaestner, 2008). All these factors have created huge impact on
income and earnings along with requirement of young age qualified employees in different
companies. Author further argued that educational status and job of people have created
significant changes in social class and role in society.
Therefore, investigator of current study has interpreted that education, job opportunities,
economic growth etc. have played significant role in order to influence social class of people.
Further, it can be said that all these elements are having significant impact on requirement of
different products and services along with spendings of people.
Theme 5: Change in social class of people leads significant impact on the demand premier
bank accounts and other services of Barclays bank
33

This theme is developed to assess the impact of change in social class of people on
premier bank accounts and other services of Barclays bank. As per the previous studies, it has
been addressed that proportion of people associated with middle class has significantly increased
to 25% that also creates huge impact on demand of premier banking services provided by
Barclays bank (Huge survey reveals seven social classes in UK, 2013). Therefore, the
management of bank requires customizing their services as per the distinct requirement and
personal demographics of and individual.
Table 5: Profile of people associated with different Social classes
Social class Profile of people Educational
status
Requirement of premier banking
services
Elite (Upper
class)
Top businessmen,
chief executives
of top companies,
top managers
Highly qualified Premier saving and current accounts,
business loans, working capital,
business planner, consultant and
preferred services, premier credit
cards, online banking, mobile
banking
Established
middle class
(Upper middle
class)
Top managers,
town planners,
top government
officials
Highly qualified Premier savings account, ISA's
facilities, Flexible bonds, mutual
funds, personalized services, Premier
Credit cards, online banking, mobile
banking
Technical middle
class and new
affluent workers
(Upper middle
class)
Pilots, engineers,
small
businessman,
doctors,
pharmacist etc.
Professionally
trained and
qualified
Premier savings account, ISA's
facilities, Flexible bonds, mutual
funds, personalized services, Premier
Credit cards, online banking, mobile
banking, personal loan, business
loans, current accounts etc.
As per the previous assessment, it has been addressed that premier banking products of
banks are mainly afforded by upper class and upper middle class of society. In this context,
above mentioned table is showing requirement of primer banking services in both upper class
and upper middle class of society (Beaverstock and Faulconbridge, 2013). Therefore, it can be
said that people belongs from these classes are high qualified and technically trained so as they
have proper knowledge of different kinds of premier services such as online banking. In this
context, the study of McMichael (2011) the information related to needs of elite segment of
34

society has played significant impact on the process shaping premier banking products and
services along with facilitation of personalized services with reference unique requirement of
premium customer in the form of working-capital for business, reward points on spending,
investment and mutual funds.
Bugg-Levine and Emerson (2011) has evaluated income of middle class has significantly
raised that influences demand of privileged banking services along with bank in accounts.
Further author argued that wealth management service within premier bank accounts are playing
vital role in growth of retail banking operations. Author further argued that wealth management
and financial planning, credit cards are termed as one of the most important banking needs of
upper class and middle class consumers (Hollingsworth and Mian, 2014). If a bank is not able to
offer strong wealth management services then banking could face issues in order to handle
market competition.
On the basis of above assessment, it can be said that profile and education of people
belong from upper class and middle class of society have enhanced their understanding and
knowledge of premier banking services as well as use of these services in day to day life. Apart
from that it has assessed that increase in population of middle class influences operations of bank
and quality of premier services.
35

CHAPTER 5: CONCLUSION AND RECOMMENDATION
5.1 Conclusion
Social class of individual is mainly determined by the income, education, position etc.
This approach leads significant impact on demand of different kinds of banking services mainly
premier services. The present is carried out to assess the relationship between customers’ social
class and their respective demands with respect to premier bank account service offered by
banks. In this regard, researcher has developed different objectives. This first objective of study
is to evaluate different kinds of premier bank accounts offered by Barclay bank. In this context,
this study has addressed that banks offers different kinds of bank accounts that are having
different types of banking services such as normal saving account, bonus saving accounts
premier saving account, normal current account, premier current account etc. The variation in
banking products and services is mainly managed by needs and lifestyle of people belongs from
different class society. This approach helps banking organization to reduce cost of operations and
increase profitability of firm.
The second objective of study is to analyze the impact of social class needs on bank
accounts offered by bank in which this research has found three social classes that are
categorized into six other subsections in UK. In this regard, investigator has addressed that upper
class and upper middle class have kept significant portion in total population of UK. Therefore,
the management of Barclay bank has several opportunities in order to offer a range of premier
services to people associated with upper class of society. This approach provides significant
business opportunities to banks such as funding to top companies and managers and also
increases profitability of firm.
As per the third objective of research, investigator tries to to assess relationship between
changes arise in demands of customers and privilege bank account facilities offered by banks in
UK. In this context, researcher has found that different demographic factors such as income,
education, profession etc. are creating huge impact on the understanding and use of different
banking services that include investment, credit cards, online banking and mobile banking. This
is because an individual is capable to use different banking services only if he has appropriate
knowledge and understanding of online banking transactions, investment in mutual funds,
rewards points etc. Therefore, this investigation has addressed that management of banking
36

organization has to consider different special personal and professional needs of banking services
while designing and offering a range of privilege bank accounts and other services. This
approach provides assistance to management in handling of marketing competition by attracting
high class consumers towards different privilege services. By considering different requirement
of people belong from different part of society; banking firm is able to increase its profitability
and market share.
5.2 Recommendation to banking firm
As per the finding of present study, some important recommendations are suggested to
Barclays bank in order to introduce and deliver different premier banking services to target
consumers belongs from different class of society.
 First of all, management should carry out systematic market research from primary and
secondary to assess market share and product range of other banks along with perception
of consumers. This investigation will provide a variety of information about present
market trends in banking sector from which organization is able generate appropriate
returns by offering distinct kind of unique services.
 Secondly, management needs to continuously monitor the advancement in technology
from which banking institution will be able to provide some unique and innovative
services with the help of technology. This approach will help organization to save cost of
different operations and efficiency of services.
 Apart from that, banking firm should identify changes in social class of people by
evaluating present and past income and educational statistics of government. With the
help of this approach, bank firm is able to offer distinct service as per the social class of
people with an efficient manner.
Table 6: Gantt Chart
Activity/Week 1 2 3 4 5 6 7 8 9 10 11 12
Recommendation: 1
Planning for market research
37

Conducting primary and secondary research
Analysis of outcomes
Implementation of changes in services
Offering of new banking services
Recommendation: 2
Planning of technology advancement
Market scanning for new technology
Evaluation of different technologies for banking
purpose.
Selection of most suitable technology
Development of new services with new tactics
Recommendation: 3
Planning for investigation
Evaluation of change in social class of people as
per the government statistics
Identification of new opportunities for bank
Assessment of changes arise in banking needs
Designing new services and upgrading existing
services
Offer to consumers
38

5.3 Limitations of the study and suggestions for future research
Researcher has faced several issues while performing different activities of research that
are acting as limitation of study. The present study has been carried out with reference to
secondary data so as outcomes of study has become limited to availability of secondary
information. In this regard, researcher has faced some difficulties in collection of secondary data
and statics associated with social class of people in UK. Furthermore, Investigator has faced
some limitation for managing coordination among various activities as per the schedule of
present investigation that has delayed the whole research.
As per the out present study, researcher needs to carry further research to assess the role
of technology for handling different banking services and operations. This investigation will
increase understanding of researcher about different technologies that have been used by banking
firm. In addition to that researcher should conduct further research to identify role central bank
of nation in controlling of different business operations of banking firm. This study will increase
knowledge of researcher about legislation and practices of central banking authority.
39

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