A Case Study on Barclays: Digital Transformation Impact Analysis

This report explores the impact of digital transformation within the banking industry, focusing on a case study of Barclays. It begins by defining digital transformation in the context of banking, emphasizing the need to understand customer behavior and offer updated facilities. The study evaluates the impact of digital transformation on Barclays' operations, considering factors like customer satisfaction, financial performance, and security. It also analyzes the significance of digital transformation for Barclays, highlighting the importance of adapting to technologies like blockchain, AI, and cloud computing. The research draws upon various sources to support its analysis, discussing the benefits of digital transformation such as improved security, faster operations, better risk management, and enhanced customer service. Ultimately, the report underscores the critical role of digital transformation in ensuring the long-term survival and growth of banking institutions like Barclays.

Research Plan

Table of Contents
Introduction......................................................................................................................................3
Rational of research.....................................................................................................................3
Scope of study:.............................................................................................................................4
Literature Review............................................................................................................................4
The concept of digital transformation within banking industry...................................................4
To evaluate the impact of digital transformation on operations of Barclays...............................6
To analyse the significance of digital transformation for Barclays.............................................7
Research Methodology:...................................................................................................................8
References......................................................................................................................................13

Introduction
In the present time, digital technologies have become a crucial way to perform different
business activities. Digital transformation is the up-gradation of existing process. Further, this is
related to carry out business activities through digital technologies. It enhances experience of
customers in significant manner. Now, it is possible to perform the activities significantly by
using digital technologies. In banking industry, digital transformation is important in order to
offer the best possible services to the customers (Tekic and Koroteev, 2019). The present study is
based on Barclays that is a well-known banking institution of UK. It is a multinational bank of
British. It is headquartered in London. The respective banking institution was founded in 1896.
Here, Barclays supports small business and consumers through retail banking services. The main
purpose of the respective entity is to offer honest, transparent and fair services to the customers.
The main aim of report is to analyze the impact of digital transformation on banking industry
within UK. It will also cover the significance of digital transformation within the respective
industry.
Research Aim: “To analyze the impact of digital transformation within banking industry”. A
case study on Barclays.
Research objectives:
 To understand the concept of digital transformation within banking industry.
 To evaluate the impact of digital transformation on operations of Barclays.
 To analyze the significance of digital transformation for Barclays.
Research Questions
 What is the concept of digital transformation within banking industry?
 What is the impact of digital transformation on operations of Barclays?
 What is the significance of digital transformation for Barclays?
Rational of research
The main rational of conducting the present research is to understand the significance of
digital transformation within banking industry. It helps in evaluating the impact of digital

transformation on business. This will prove helpful for researcher in terms of developing
necessary strategies for the success of banking organizations. In addition, the present research
project will make the researcher enable to gain various skills, capabilities such as
communication, presentation and more in order to ensure success and growth in the future period
of time.
Scope of study:
The scope of present study is really wide as it will make the researcher enable to analyze
the impact of digital transformation on banking industry. Further, the report will also help the
investigator to understand the significance of digital transformation in banking industry. With
this researcher, the researcher can easily understand the significance of digital transformation
within the industry.
Literature Review
The concept of digital transformation within banking industry.
An effective digital transformation begins with understanding the needs, behavior of
customers in an efficient manner. Now, customers of banks are highly proficient and advance.
They wish to get updated system in order to get prompt services in significant manner. In context
of banking industry, digital transformation is about offering various updated & advance facilities
to the customers. In the year of 2021, digital transformation remain a crucial trend within
banking industry. In every aspect, technology is reshaping the financial service industry in
significant manner. Nowadays, the attitude of customers has also been changed regarding digital
transformation practices within the banking industry.
According to Shah 2021, digital transformation can be explained as the upgradation and
advancement of existing operations and improvement in current processes by implementing
digital technology in the business. Author explains that digital technology can also enhance the
experience of the customers and help to improve conversion rates for the enterprise. It has been
explained that the major areas of digital transformation includes organisational change,
redefining business processes, technology and data. Shah explains that the main components of
digital transformation consist of rebuilding procedures, rebuilding customer relations and
rebuilding business operations. With reference to Economic Times, the author explains that due

to covid-19 pandemic the banking processes have changed and they have adapted to digital
transformation. Author also explains the need and importance of digital transformation in the
banking sector as traditional banking systems are not legitimate to adapt to rapid changes and
technological shifts in the developing world. Shah has also explained various benefits of digital
transformation in banking like improvement in digital trustworthiness of the organisation,
acquisition of new prospects, providing personalized services to customers and higher level of
adaptability and innovation.
Brinkerhoff 2022 explains that digital transformation approaches in the external context of
the public sector because of changing expectations of customers and the need for organisations to
deliver better services to them. Author explains that companies throughout the world are
changing their operations to improve service delivery by enhancing objectives and processes of
the organisation to increase customer satisfaction, transparency and interoperability. Author
explains theoretical frameworks on digital transformations that are elaborated below.
Fundamental change process is a digital transformation approach in terms of improving certain
aspects like consumer engagement, digital Government and transformational government that
can help to achieve better digital transformation in the business and improve ICT, organisational
change process, service delivery and value creation for customers to enhance satisfaction.
Brinkerhoff explains various digital transformation types like process transformation that helps
to improve the processes within an organisation to reduce the cost of production, raise quality
standards and lower down cycle times so that higher effectiveness and efficiency can be
obtained. Author also explains about business model transformation that focuses on completely
changing the ways in which the organisation delivers value to the customers. Domain
transformation is also accepted as a model for adapting new technology that can help to improve
products and services provided by the organisation. Finally, Brinkerhoff explains that cultural or
organisational transformation can help the banking organisations like Barclays to achieve better
work flows and decision making that can help the Barclays to act effectively and efficiently
while generating higher performance. Barclays can adopt any of these forms of digital
transformation for its business to achieve better competitiveness and generate higher profits
within the business.

To evaluate the impact of digital transformation on operations of Barclays
Singh (2022), explained that digital marketing in banking is not only related to the
changing of organisational operations and activities from traditional to digital means. According
to the author, the overall paradigm of digital transformation strategy in the banking industry is
very important for improving customer satisfaction, its financial performance, customer
interaction and analysis of customer demands, preferences and behaviors. Author brings out an
example of digitalization in fintech banking in order to understand the needs of customers so that
better satisfaction can be provided to them. It has been explained that digital banking provides
various information regarding the transformation of banking from traditional to online platforms
that has made it easier for the organisation to fulfil the demands of customers. Singh has
identified that there are various questions related to the impacts of digitalisation in the modern
banking system and other various businesses and the fact that businesses have shifted from
traditional to digital. It has been stated by the author that most of the banks have a clear strategy
to implement changes into the business but the trend of digital banking transformation has started
when the top competitors in the banking sector realised most of the users may use digital modes
in the upcoming era (Tekic and Koroteev, 2019). The uses of digital technology by the customers
have widely affected the activities of the banking sector to become digital and fast. The banking
sector has obtained various benefits of digital banking such as digitalisation, innovation, rise in
level of investment banking, improvement of business adaptation and innovation, better security,
lowering down compliance issues, new customers' acquisition easily and personalised customer
services, which have improved the overall profitability of the businesses in banking sector.
Roznovsky 2022 explains that digital transformation in banking has a significant impact on
adaptation of modern methods and integration of digital technology into the operations of a
banking sector. It has been obtained that there are various digital transformations in the
investment banking sector due to the improved processes and the use of secure innovations for
this process. Roznovsky has explained that use of market modelling and analytics, big data and
fraud detection has improved the satisfaction and retention of clients by the banks that helps
them to invest securely. According to the author, digital transformation has impacted customer
satisfaction and security with the integration of fraud detection, big data and use of the internet to
make the network secure and improve customer experience. Author explains that a banking
organisation like Barclays can have various benefits of digital transformation like improved

security, faster operation and lower waiting time, better risk management, automation,
customization according to the needs of customers, better predictions of customer needs and
demands etc. It has been stated by the author that an organisation like Barclays can adapt to the
digital transformation and use digital technologies like mobile phone applications, cloud
computing and API, artificial intelligence and machine learning, Big data analytics, IoT and
block-chain technology to achieve greater levels of success and provide better services to the
customers.
To analyse the significance of digital transformation for Barclays
Dilmegani 2022 explains that digital transformation is very important for financial services
in the banking sector because it helps to deal with the quantitative data by making its use easier
through automatic processes and digitalisation. According to the author, digital transformation in
the banking sector or financial services institution is like a double-edged sword that must be
handled very carefully to achieve best results for the organisation. It has been explained that
banks and financial institutions need to improve their digital transformation efforts and adapt to
technology like block-chain, artificial intelligence, machine learning, cloud computing, and
automation. Author states that there are various advantages of promoting digitalisation within the
banking sector like automation of processes, identification of customer needs, improving
services, better productivity, safety and security and acquisition of new customers. The digital
transformation must be adopted by the banking sector to improve customer experience by
improving technology, examining customer behaviour, providing better services to them and
adapting to the changes more easily. Dilmegani explains the increasing role of digital technology
with the help of an example of covid-19 pandemic that has forced the organisations and people to
operate digitally. Author explains that digitalisation automation, machine learning, artificial
intelligence, and block-chain are the major components in the digital transformation that must be
used by banking organisations like Barclays.
Lugovsky, 2021, explains that digital transformation is a very important trend in the banking
sector and is constantly changing and reaching the financial services industry at every step. It has
been obtained that the banking sector is still moving forward with the use of digital
transformation for improving customer satisfaction and to ensure long term market survival and
growth. Author explains that digital transformation in the banking sector is related to operational,

organisational and cultural change with the adoption of technology in the business. Digital
transformation lets in financial institutions to realize what human beings actually need. They can
formulate and offer monetary services according to consumer necessities, without the need to
wager. New and progressive technological trends allow banks to enhance purchaser loyalty with
customized offers. Digital transformation allows banks to respond to technology and marketplace
developments and scale their efforts in ranges. If the organization can improve its digital
transformation it can meet the demands of customers. Sophisticated virtual era has converted the
traditional way banking was done. The biggest goal of digital transformation is to fulfil the
requirement of customers and improve the world productivity and profits for the organisation
(Naimi-Sadigh, Asgari and Rabiei, 2021). Lugovsky also examines that digital transformation
has various positive impacts on an organisation like eliminating paperwork, better services to the
clients, higher level of productivity, greater revenue, and risk reduction, lower chances of theft,
decrease operation cost and enhanced organisational transparency. In regard to Barclays it can be
stated that the use of information technology and digital technology within the business can help
to transform every aspect of the organisation. Barclays can improve its brand image,
productivity, customer satisfaction, revenue etc. by using digital transformation successfully.
Research Methodology:
It refers to a procedure of data collection using different tools and techniques. The main
objective of research methodology is to collect valid & reliable information on a specific
research topic. In this context, various elements of research methodology are mentioned below:
Research Philosophy: In research project, research philosophy is related with believe of
investigator regarding a specific research topic. This is one of the most crucial element for the
accomplishment of research work successfully (Clandinin, Cave and Berendonk, 2017). In this
context, the two major philosophies of research are interpretivism and positivism. In present
context, the study is based on positivism approach as it assists the researcher in terms of
gathering, analyzing and using quantitative information in an efficient manner. It is also useful in
getting reliable results within limited time period and efforts.
Research approach: Research approaches are used to collect the authentic information in
significant manner. In context of research, research approaches are the plans & procedure so that

appropriate steps can be taken for the completion of research study. Here, inductive and
deductive are the two major approaches of research study (Knottnerus and Tugwell, 2018). For
completion of the present study deductive approach is taken into consideration. The respective
approach is useful in gathering quantitative information so that the meaningful inferences can be
drawn. The main rational of using the respective approach is to gather appropriate information
within minimum time and efforts.
Research design: In context of research project, research design can be understand as the
framework of methods & techniques of research which are chosen by a researcher in order to
complete the research work successfully. In other words, research design refer the overall
strategy that are used by the researcher to integrate different elements in order to complete the
research study in coherent way (Acharyya and Bhattacharya, 2019). Two major research designs
are qualitative and quantitative. In present context, quantitative research design is taken into
consideration. It includes numerical methods to gain valid and authentic results. Here, the
respective research design is significant in order to get authentic information in significant
manner.
Data collection: It is stated that data collection is an important part of the overall
research study. By collecting the necessary amount of data, it is possible to reach at meaningful
conclusion in an efficient manner. Primary and secondary are the two crucial sources of data
collection. In context of primary data collection, the information is gathered from raw sources.
Here, the primary data is directly collected from the sources. It is the first handed information
that can be used by the researcher to complete the project work successfully. Secondary data is
collected from various sources like websites, journals and more. Through secondary sources, it is
possible to collect wide amount of information within limited time & efforts (Ratnam, 2019). For
present study, primary information will be gathered from necessary respondents. Along with this,
secondary data has been gathered from authentic websites, journals, publications and more.
Sampling technique: Sampling is an important component of research. During research,
the investigator used to prepare sample from the entire population. In this context, probability
and non-probability sampling are the two major methods which are used by the investigator. In
Probability sampling units are included in sampling randomly. The present study is based on
probability sampling which will help in getting true and authentic results. This sampling

approach allows the researcher to structure suitable samples in order to accomplish the pre-
defined research goals.
Data analysis: In order to gain appropriate research results, it is imperative to analyze the
data appropriately. Data analysis refers to analyzing the data and information appropriately.
During data analysis, information is analyzed so that the researcher can draw meaningful
outcomes in significant manner. By analyzing the data, researcher is able to take suitable steps
for success of project work (Phakiti and et. al., 2018). In this context, necessary tools are used by
the researcher in order to reach at meaningful conclusion. For this purpose, it is imperative to
utilize appropriate tools and techniques of data analysis.
Timeline: While undertaking research work, there is requirement to determine the
timeframe. By determining the timeline, researcher can easily complete the research work in
timely manner. For timely accomplishment of project work, it is imperative to prepare a proper
schedule. In this context, the researcher needs to identify the time which is required to complete
each and every activity related to research work. In this regard, gantt chart is used by the
investigator. It is an important tool of project management. It includes deadlines, schedules, roles
and responsibilities and other components. In context of the present research work, the gantt
chart is mentioned below:

Ethical considerations: During the research project, it is imperative to follow necessary
ethics. By following the ethics, project work can be complete easily. For this purpose, researcher
needs to follow necessary ethical principles. In this context, the information needs to keep
confidential. Here, the researcher need to keep the information in a secure way (Coombes, and
Ryder, 2019). To complete the research project successfully, there is requirement to follow the
ethical principles such as confidentiality, anonymity and more. By following the respective
principles of research project, the investigator can complete the project work in an efficient
manner.