Case Study Of Barclays Bank Assignment

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To Examine The Relationship BetweenCustomers’ Social Class And Their RespectiveDemands With Respect To Premier BankAccount Service Offered By Banks: A Study OfBarclays, United Kingdom1
ABSTRACTThe 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 elementsalso lead significant impact on selection of a range of products and services. In this context, thepresent study is carried out to assessthe relationship between customers’ social class and theirrespective demands with respect to premier bank account service offered by banks. As per theaim ofresearch, entire study is scheduled by considering different banking products and servicesof Barclays bank. By focusing aim and objectives of research, this investigation has addresseddemographics 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 foundthat the people belong from upper class and upper middle class are able to afford premierservices of banking from. Henceforth, banking firm provides a range of services as per specialrequirement of high class of people. The present study is controlled an appropriate researchmethodology based qualitative method of research. As per the nature of study, research hasconsidered secondary sources of information for assessment of wide range of data about socialclass and their impact on privilege banking services. A systematic evaluation of a range of datahas found significant changes in social class and income of people due to change educationalstandards and economic position of country. Further study has found that social class of peoplecreates huge impact on requirement and design of primer banking services. On the basis of thisinformation, management of Barclays bank is able to make appropriate changes in services andtheir quality. The present research also provides some suggestion to Barclays bank in the from ofcontinuous market assessment, collection of information about new technology and continuousevaluation of social changes.2
TABLE OF CONTENTSCHAPTER 1: INTRODUCTION...................................................................................................61.1 Background of the study........................................................................................................61.2 Rationale for the study...........................................................................................................71.3 Research aim..........................................................................................................................81.4 Research objectives................................................................................................................81.5 Research questions................................................................................................................81.6 Chapter structure...................................................................................................................9CHAPTER 2: LITERATURE REVIEW......................................................................................112.1 Introduction..........................................................................................................................112.2 Definitions............................................................................................................................112.3 Assessment of premier bank accounts and other services offered by bank........................122.4 Analyzing the impact of social class needs on bank accounts offered by bank..................132.5 Relationship between changes arise in demands of customers and privilege bank accountfacilities offered by banks in UK...............................................................................................152.6 Conceptual framework.......................................................................................................172.7 Conclusion...........................................................................................................................18CHAPTER 3: RESEARCH DESIGN AND METHODOLOGY..................................................193.1 Research type......................................................................................................................193.2 Research design..................................................................................................................193.3 Research philosophy............................................................................................................193.4 Research approach...............................................................................................................203.5 Data collection method........................................................................................................203.6 Data analysis........................................................................................................................213
3.7 Validity and reliability.........................................................................................................213.8 Ethical consideration............................................................................................................213.9 Limitation of study...............................................................................................................22CHAPTER 4: RESULTS, ANALYSIS AND DISCUSSION.......................................................234.1 Introduction..........................................................................................................................234.2 Result and analysis..............................................................................................................23CHAPTER 5: CONCLUSION AND RECOMMENDATION....................................................355.1 Conclusion...........................................................................................................................355.2 Recommendation to banking firm.......................................................................................365.3 Limitations of the study and suggestions for future research..............................................38REFERENCE.................................................................................................................................394
INDEX OF TABLESTable 1: Comparison of services in different saving accounts......................................................22Table 2: Comparison of services in different current accounts.....................................................23Table 3: Percentage of different social classes..............................................................................25Table 4: Demographics of different segments of society..............................................................27Table 5: Profile of people associated with different Social classes...............................................32Table 6: Gantt Chart.......................................................................................................................355
ILLUSTRATION INDEXIllustration 1: Conceptual framework............................................................................................16Illustration 2: Proportion of different social classes......................................................................25Illustration 3: Comparison of income and savings of different segments of society.....................296
CHAPTER 1: INTRODUCTION1.1 Background of the studyBanking industry plays significant role in economic growth of any country. In the contextof UK, banking sector provides wide range of services and control different kind of financialtransactions as per the needs of individual and business customer. Furthermore, there is toughcompetition identified between several banks associated with banking sector of UK. In order tomanage competition, different banks offer distinct kinds of services to attract consumers (Bairdand Parasnis, 2011). This approach has influenced management of different banks to considermany 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 needsof consumers to assess competitive advantage. In the recent years, there has been several changesidentified in quality and variety of banking services offered by different banks in UK due tochange in needs and interests along with life style of people (Buttle, 2004). As per the currentmarket trends, the current research is carried to assessthe relationship between customers’ socialclass and their respective demands with respect to premier bank account service offered bybanks. In this regard, the present investigation has considered privileged bank accounts whichare offered byBarclays 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 systematicinvestigation in order to assess the role of social class in selection of banking services. In thiscontext, investigator has paid extra attention on premier bank accounts along with otherprivileged facilities provided by Barclays bank (Reinartz and Kumar, 2003). This research hasfacilitated different aspects associated with social class of people that influences the demand of avariety of banking products. This study has determined several aspects of premier banksaccounts and needs of high class people of society from which management of Barclays bankcan improve the service delivery process as per the expectation of target consumers.Background of companyBarclays bank is part of Barclays that is a UK based milt-national banking and financialservices company. The head quarter of Barclays bank is situated in London. It provides distinct7
kinds of financial services for individual, business clients along with public authority. The bankwas 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 (BarclaysAbout us,2015). Presently, bank is offering wide range financial services as per the distinctneeds of consumers such as bank accounts, investment, insurance, finance etc. Business entityalso considers different aspects such as culture, lifestyle, social class, technology while makingbanking services. This current study helps management of Barclays bank in order to improveservice quality as per distinct needs of people associated with different class of society. Thisinvestigation provides assistance for improving additional services with primer bank accounts.1.2 Rationale for the studyWhat is the research issue?The present investigation is carried out to examinethe relationship between customers’social class and their respective demands with respect to premier bank account service offered bybanks. In this regard, researcher has tried toexamine the different premier services offered byBarclays bank their influences on social class (demographic profile of customers). Withreference to this information, management of Barclays bank is able to assess the impact of socialclass on financial needs of an individual. This information assists organization to improveservice quality.Why is it an issue?The change in income and social class of people leads significant changes in needs andlifestyle along with needs of financial services. It also leads negative impact on development anddelivery of services which is considered as a main problem. Further, banking organization alsofaces some issues regarding the proper implementation of market segmentation and targetingapproaches in development of banking service. All these factors have led negative impact on thequality 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 butfailed to capture wide segment of customers there. This research problem provides assistance toinvestigator in order to analysis the changes arise in lifestyle of people so that better productportfolio can be developed and executed for each and every category of people in UK. This8
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