Homework Question on Globalization and Technology in Barclays Bank
- Choose one (1) public corporation in an industry with which you are familiar. Research the company on its own Website, the public filings on the Securities and Exchange Commission EDGAR database (http://www.sec.gov/edgar.shtml), in the University’s online databases, and any other sources you can find. The annual report will often provide insights that can help address some of these questions.
- Write a four to six (4-6) page paper in which you:
- Assess how globalization and technology changes have impacted the corporation you researched.
- Apply the industrial organization model and the resource-based model to determine how your corporation could earn above-average returns.
- Assess how the vision statement and mission statement of the corporation influence its overall success.
- Evaluate how each category of stakeholder impacts the overall success of this corporation.
- Use at least two (2) quality references. Note: Wikipedia and other Websites do not quality as academic resources.
Homework Answer on Globalization and Technology in Barclays Bank
Free trading and open markets within countries and even past the national borders have made competition between financial institutions, banks and even non-financial institution increase significantly. This has allowed banking markets to penetrate the global business arena. Technology has played a vital role in how most banks, Barclays inclusive, organize their marketing strategies, service deliveries and product development plans.
Traditional factors that hindered the entry and survival of Barclays bank into industry are no more, thanks to the rapid spread of ideas, information and innovations made possible by globalization and information technology. Due to competition globalization, Barclays bank has managed to enter the domestic markets and concentrate on niche markets, picking up customers who are most profitable through enhanced assessment of their banking needs and their financial risks very accurately as a result of employing superior marketing and information system made possible by technological advancements in the bank. Other Barclays bank services which technology and globalization has impacted include:
International Payment Market: Barclays has recorded a general reduction in the size of its payment market because they now offer faster, safer and cheaper money-moving methods such as smart cards, IBOS and global ATM stations(Joseph & Joseph, 1999). This was not possible in the traditional system where the SWIFT network was responsible for the international payments.Retail Banking: Technology has brought about instruments like risk management software, database marketing, electronic delivery channels like satellite communication, internet and even telecommunication which have been useful to Barclays in its easy and quick penetration into the banking industry and selection of the customers who are profitable.