SWOT Analysis of Barclays. Barclays is a universal British multinational bank. Barclays came into existence on November 17, 1690; James Barclay became a business partner in 1736. The headquarters of the bank is in One Churchill Place, London, England, UK.
Some of the main products and services of Barclays are as follows;
- Wealth Management
- Private Banking
- Wholesale Banking
- Investments banking
- Commercial Banking
- Retail Banking
- Corporate Banking
Key statistical facts and figures about Barclays Bank are as follows;
- The annual revenue of Barclays in 2023 was 25.377 billion US dollars
- Out of which, the net income of the company was 5.713 billion US dollars
- Approximately 87400 employees are working for the company to manage its operations
Some of the top competitors of Barclays Bank are as follows;
- Metro Bank
- NAT West Group
- Bank of America
- Banco Santander
- Nationwide Building Society
- Barclaycard UK
- Lloyds Bank
- The Bank of Scotland Plc
- Money Saving Expert
Today, we’ll discuss the SWOT analysis of Barclays. It is going to focus on the internal strengths and weaknesses; external opportunities and threats to the financial service-providing company. Here’s the SWOT analysis of Barclays as follows;
Strengths of Barclays
Some of the main strengths in the SWOT analysis of Barclays are as follows;
Diversified Service Portfolio
Barclays has established a well-diversified service portfolio comprising of wide range of services. They’re like insurance, wealth management, commercial banking, and other services. The variety of services helps the company to target various types of financial customers.
Barclays has got a worldwide network. According to an estimate, Barclays is operating its business in more than 50 countries across the globe. The company is offering financial services to roundabout 48 million customers; it shows the vast market reach of the company.
Barclays has sponsored various sporting events over the years; they helped the company receive great market exposure and earn the trust and confidence of customers. Some of the events Sponsored are as follows;
- Premier League in 2003-04
- Barclay Cycle Hire
- Dubai Tennis Championship
Barclays launches various types of marketing, advertisement, and promotional campaigns for its products and services. It allows the company to stay in the minds of customers and attract the attention of customers with its latest offers.
Barclays invests a lot of resources in training and development programs for the skill development of its employees. It is because the financial service-providing company is aware of the fact that the employees are assets of the company. If they have better and polished skills, then they would contribute more to the company.
Barclays offers more than 80 types of mortgage plans for its customers comprising 2, 3, 5, or 10 years of plans. Such a vast variety helps the customers to choose the most suitable plan for them.
Weaknesses of Barclays
Some of the main weaknesses in the SWOT analysis of Barclays are as follows;
Barclays is facing various lawsuits and cases. For instance, the company is facing allegations of money laundering and tax evasion; the involvement of the financial company with South Africa during the apartheid regime.
There is a controversy that Barclays was financing the government of Zimbabwe and avoiding the money laundering regulations. Such types of controversies negatively impact the reputation of the company.
Barclays has received low ratings from its customers, and it shows the dissatisfaction of customers with the company. The company should work and respond to the complaints of customers and improve customer satisfaction.
Opportunities for Barclays
Some of the main available opportunities in the SWOT analysis of Barclays are as follows;
Net banking and online transactions hold great growth potential because online shopping and home delivery service trends are increasing. The company should increase its service portfolio in the category of online transactions and net banking by launching various types of features and transaction options.
Targeting Urban Youth
The young tech-oriented population is increasing. The focus of Barclays should be the young urban population; they are working and have got the money. The company should offer them various types of investment opportunities and plans to make their lives simpler and easier.
Barclays is operating its business in roundabout 50 countries across the world. The financial institution should expand its business in other countries and target new types of customers; it would help the company to expand its market share and revenue.
Threats to Barclays
Some of the main potential threats in the SWOT analysis of Barclays are as follows;
The financial service-providing market has become highly competitive in recent years. There are various companies and banks operating their business and offering similar types of services. High competition is decreasing the market share of the company.
International political conflicts, a high unemployment rate, and strict government policies about interest rates have made it difficult for Barclays to operate its business in the financial industry. That’s why the company’s profitability has been decreasing for the past few years.
Conclusion: Barclays SWOT Analysis
After an in-depth study of the SWOT analysis of Barclays; we have realized that Barclays is the world’s leading financial service-providing company. If you are learning about the business of Barclays; then you should keep in mind the abovementioned internal and external factors.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.