Examining Social Class Impact on Premier Bank Account Services

This report investigates the correlation between customers' social class and their requirements for premier bank account services, specifically focusing on Barclays Bank in the UK. The study explores how social class, defined by factors like income, profession, and education, influences the demand for banking products and services. Through a qualitative research methodology, the report analyzes secondary data to assess the impact of social class on the design and delivery of premier banking services, identifying that upper and upper-middle-class individuals are the primary consumers of these services. The findings highlight the importance of understanding social class demographics in tailoring banking products and services to meet customer expectations. The report offers recommendations for Barclays Bank, including continuous market assessment, staying updated with technological advancements, and adapting to social changes to improve service quality and capture a broader customer base. The research also addresses the limitations of the study and suggests avenues for future research in this area. The report includes an abstract, table of contents, and various tables and illustrations to support the analysis and findings.

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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