Barclays is considered one of Britain’s largest banks, however as fintech turns into more and more dominant, what have they got to supply?
Picture supply: Barclays
Established excessive avenue banks are more and more attempting to broaden their digital banking providing and widen their attain into the world of fintech.
As an example, NatWest (the financial institution previously often known as RBS) presently has two digital banks on provide—Mettle is an app-only financial institution for individuals who run their very own companies and Bó is aimed toward youthful, extra tech-savvy customers.
Equally, American funding financial institution Goldman Sachs launched its digital banking rival, Marcus, in 2016 and has seen some success within the UK—as has Goldman’s US counterpart JP Morgan which re-launched its digital financial institution beneath the Chase model.
A spokesperson for Barclays informed AltFi that, as an alternative of offering its personal fintech providing, the financial institution is as an alternative extra focussed on “forming strategic long-term partnerships with fintech corporations whose concepts can drive sustainable change.”
“Via our numerous fintech-focused initiatives, akin to Rise, Eagle Labs and Barclays Ventures, we’re working with a number of the most inventive and modern minds in fintech to disrupt, problem and enhance the best way issues are finished throughout banking and the broader the monetary providers business,” they added.
Barclays clearly has a need to assist assist the fintech business, largely from the bottom up, and has no actual need to start out buying bigger fintechs so as to add to its personal roster.