Barclays Plc – Digital Transformation Strategies
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Barclays Digital Transformation Strategies Overview
Barclays has been investing in emerging technologies over the years to improve efficiencies, product offerings, and streamline operations. AI, big data, cloud, and blockchain are among the key technologies under focus for the company. The annual ICT spending of Barclays was estimated at $1.1 billion in 2023. A major share of this spending is earmarked for acquiring software, ICT services, and network and communications from vendors.
Barclays Plc (Barclays) is a global financial services provider offering personal and business banking, wholesale and commercial banking, and private and investment banking solutions to individuals, SMEs, corporates, and high-net-worth clients. Its offers include deposits and accounts, payment cards, personal and commercial loans, and investment solutions. Barclays also offers services such as foreign exchange, investment banking, transactional lending, mobile banking, premier banking, brokerage, research and analysis, international banking, and online banking.
The Barclays Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. The information included in these reports is sourced from a mix of our very own internal database and authentic secondary research links such as the company’s annual report, presentations, press releases, etc. The report covers an overview of the company, its digital transformation strategies, technology focus areas, technology initiatives, technology introductions, partnerships, and ICT spending among others.
Total ICT Spending 2023 | $1.1 billion |
ICT Spend by Function | Network, Application, Data Center, Management, End-User Computing, Communications, and Service Desk |
ICT Spend by Channel | Internal Development and Maintenance, Technology Vendors (Direct), ICT Services Providers/Consulting Firms, Telcos, Local Resellers, Specialist Outsourcers, and Systems integrators |
External ICT Spend by Segment | Software (including Cloud SaaS), ICT services, Network and communications, Hardware (including Cloud Iaas), Consulting, and Others |
Technology Theme Focus | Artificial Intelligence, Big Data, Blockchain, Cloud, and Payments |
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Digital Transformation Strategies
Barclays is focusing on enhancing its expertise in AI to offer better products and enhance business processes. It has been actively leveraging AI in key areas such as payments, fraud detection and prevention, and onboarding customers. It is increasingly using transactional and customer data to generate meaningful insights and offer personalized products. The bank employs technologies such as predictive analytics for risk modeling, natural language processing for voice recognition and authentication, and AI detection tools for fraud prevention and monitoring unauthorized access to sensitive information.
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Barclays Technology Theme Focus
Barclays is tapping into the power of key disruptive technologies to enhance its operational and service capabilities. AI, big data, cloud, and blockchain are among the key technologies under focus for the company.
Barclays Technology Theme Focus
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Barclays Technology Initiatives
Barclays has been involved in several strategic technology partnerships and collaborations, technology rollouts, and acquisitions over the past few years. For instance, Barclays and LSEG signed a multi-year strategic partnership agreement which includes a wide range of capabilities to support Barclays across its businesses to enhance delivery for customers and clients through next-generation financial services. Under this collaboration, LSEG will provide Barclays access to its market-leading data, insights and capabilities, workflow solutions and feeds, and support Barclays in its digitalization journey, cloud adoption, and customer platform enhancements.
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Barclays ICT Spend by Function
- Network
- Application
- Data center
- Management
- End-user computing
- Communications
- Service desk
Barclays ICT Spend by Function, 2023(%)
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Barclays ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- ICT services providers/Consulting firms
- Telcos
- Local resellers
- Specialist outsourcers
- Systems integrators
Barclays ICT Spend by Channel, 2023(%)
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Barclays External ICT Spend by Segment
- Software (including Cloud SaaS)
- ICT services
- Network and communications
- Hardware (including Cloud Iaas)
- Consulting
- Others
Barclays External ICT Spend by Segment, 2023(%)
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Scope
This report provides:
- Insight into Barclays’ technology activities.
- Overview of technology initiatives covering product launches, partnerships, and investments.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into Barclays’ technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various product launches, partnerships, and investments.
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Table of Contents
Frequently asked questions
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What was the total ICT spending of Barclays in 2023?
The annual ICT spending of Barclays was estimated at $1.1 billion in 2023.
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Which function accounted for the highest ICT spending for Barclays in 2023?
Network accounted for the highest ICT spending by function for Barclays in 2023.
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Which channel accounted for the highest ICT spending for Barclays in 2023?
Internal development and maintenance accounted for the highest ICT spending by channel for Barclays in 2023.
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Which segment accounted for the highest external ICT spending for Barclays in 2023?
Software accounted for the highest external ICT spending by segment for Barclays in 2023.
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What are the key technology themes in focus for Barclays?
AI, big data, blockchain, cloud, and payments are the key technological themes in focus for Barclays.
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