Barclays Bank Retail Banking Strategy Essay Example | Topics and Well Written Essays - 2000 words

Barclays Bank Retail Banking Strategy - Essay causeSome of these be helpful for every square in the patience and are called opportunities, while others dumbfound bad news for everyone and are regarded as threats. Besides these forces in the out-of-door environment, a particular firm may have internal strengths such as the skill and experience of its staff, or weaknesses such as frequent labor disputes because of lack of clearly defined polices for staff and workers. In sum the fortunes of the firm are dependent on how well its forethought deals with business opportunities and threats, while using the strengths of the firm to take return of the opportunities and minimize the effect of the threats through clever planning and strategic implementation of its vision for the company. This is what is called strategic management- or the planning and implementation to achieve its desired plans in the marketplace in the face of these internal and external forces. The legal, political, sociological, economic and other environments may pose a number of challenges that must be overcome by the business if it is to survive and prosper in the marketplace. Barclays Bank PLC is one of the key players in the worldwide banking industry as well as in India and this paper will discuss how successfully it has managed to meet the challenges go about by the banking sector in India. II. Overview of the Banking Sector in India The major Indian banks can be classified ad under three categories in terms of ownership(1) Public sector banks such as present Bank of India, the Bank of Baroda, Bank of India, Punjab National Bank and Canara Bank (2) Private sector banks such as ICICI Bank and HDFC Bank and (3) Foreign Banks such as Citibank, Barclays Bank of India and Standard Chartered Bank. By declination 2008, there were 28 public sector banks, 29 private sector banks and 30 foreign banks, in addition to other regional and cooperative entities. The banking sector in India is one t hat is full of intense competition. belatedly the banking sector, which had been hit by the worldwide 2007-2008 economic recession, has been in recovery mode and efforts are still beingness made to put the sector back on track. The recessionary trend saw a reduction in the percentage of consumer lending from 29.9 percent in 2007 to just 17.1 percent in 2008. The major contractions were seen in the autos, housing, personal loans and consumer durables sectors. III. Supervision and Control As in most nations of the world, the outlook on financial policy and regulation of the financial system lies with the Central Bank. In India, this is the Reserve Bank of India (RBI). In memory with the special functions of a central banking institution, it is also the issuer of local currency as well as the charabanc of foreign currency reserves and regulations in India. In the same fashion, the Securities and Exchange Board of India is the regulatory dead body that monitors stock market transa ctions and compliance with the rules. India also has an Insurance Regulatory & Development Authority interchangeable the FDIC in the USA that is responsible for protecting the interests of the policyholders. IV. The State of the Retail Banking Sector in India Retail banking has been the major hub of activity in recent years. The banks have classified their customers into three major groups- consumer, small business and corporate. It has been hold that the progress of retail banking would most likely rest of four pillars innovative offerings, distribution optimization, quality of management and shared system/back-office. Barclays has adopted an innovative strategy upon its entry into India in 2008. Banking today can be characterized by the different products that are being dealt with, such as investment banking, asset management or debt management, or by the type of customer dealing, such as Wealth Management