Executive Summary
The aim of this report was to examine the external environment of the bank. The report also aimed at identifying legal issues within the environment and the implications which they have on Barclays Bank. The report identified that the bank has favourable political, economic, social and ecological and technological environments. However, the bank faces challenges on legal environment due to the numerous regulations that exist in the industry thus affecting the performance and the decision making of the bank. Some of the regulations include fees disclosure regulation, Anti Money laundering regulations, senior management regulations and interest rate regulations. The bank has responded to these regulations by hiring an executive who is in charge of AML and KYC procedures compliance. The bank as responded to fees disclosure regulation by engaging in serious customer care service enhancement to attract and retain the existing bank customers. The bank has responded to MPC regulations by lowering interest rates. The regulations have affected the bank’s decision making process by masking the decision include information gathering on compliance as a key component of the decision making process. The responses were however ineffective because the bank was fined for flouting AML regulations. In addition, the customers were dissatisfied with the disclosure of their personal information while the decision making process was long and slow. Also the decision making process has slowed down because of including a lot of executives in the board of management. To overcome this ineffectiveness the report has recommended the company to train its employees in the banking resources and ensure that all the employees have requisite certifications. In addition, the report recommended employees to be trained in customer care enhancement in order to improve the quality of service provided as means of retaining customers. The report has also recommended the employees to train its employees internally in order to avoid high cost of externally hiring executives as this is very expensive for the bank. To enhance the decision making process the report has recommended the board to have subcommittees that can easily make decisions regarding pressing issues without involving the whole board as this would fasts track decision making process.
1 Introduction
Barclays Bank is one the leading Banks in the United Kingdom. Barclays is one of the oldest bank in the United Kingdom with The company was established in 1690 by John Freame and David Barclay. The Bank is headquartered in London and it has operations all over the world. The bank offers services such as retail banking, corporate banking, wealth management and investment banking. The company is headed by John McFarlane which is the chairman of Barclays Plc and Jes Staley who is the chief executive of the company. The bank has employed over 130000 employees globally and has operations in over 150 countries. The bank has assets of over £1.3 trillion in its management. It has revenues of £21 billion in 2016 and a net profit of £2.8 billion in 2016 (Barclays Bank, 2017).This report focuses on analysing the business environment and the impact it has on Barclays Plc within the United Kingdom. To achieve these aims, the report is structured into four main sections with the first section being the introduction and contains a brief explanation of what the report is discussing. The second part analyses the UK external environment using the PESTLE model and the five forces analysis. The second part of the report investigates the financial regulations that have been introduced in the financial sector and the implications that these regulations have on Barclays. The section examines the manner in which Barclays has responded to these regulations and where the responses have been effective or not. The final section of the report summarises the key points expounded by the report.
2 Analysis of external influences
2.1 PESTEL analysis
This part examines the external issues that influence business activities within the United Kingdom. These external issues mostly include issues that cannot be controlled by the company or the business (Cox, Chu and Rodionova, 2017). These forces are usually explained through the PESTEL model which has highlighted that the externals business environment is influenced by factors such as politics, economy, the ecological environment, technology, social issues and legal issues as shown by the figure below:
2.1.1 Political forces
Politically, there are several political factors that have significant influence on the UK based businesses. One of the major issues is the UK’s exit from the European Union(Waugh, 2016). This has had negative implications on the companies because it is expected to halt the immigration of people from EU to the UK (Guy, 2009). This will minimise the number of immigrants who provide deposits to the bank or engage in other financial services such as money transfer in United Kingdom thus reducing the revenues of Barclays in the United Kingdom (Cox, Chu, and Rodionova, 2017). The immigrants are the majority of retail banking customers and hence reduction in the number of immigrants may lead to slowdown in use of retail financial services.
2.1.2 Social forces
The social forces are the aspects related to country social inclinations and national culture that affect customer behaviour. Geert Hofstede’s provided ranking that indicate the national culture of UK. The rankings indicated that people in UK have high level of indulgence compared to other countries such as France as indicated by the figure below. This implies that people tended to consume luxury as much as they could (Hoftsede, 2009). This has negative implications on the banking services because it reduced the savings and deposits. Nevertheless Cox (2012) argued that consumption was necessary to the financial sector because it increased uptake of consumer loans which attract higher interest rates than mortgage and other type of loans.
2.1.3 Economical forces
The economic aspect of the business environment includes issues that affect the customer’s capacity to purchase. There are several economic issues that affect the consumer’s capacity to purchase goods and services. One the factor is the GDP, which grew in 2017 first quarter by a rate of 0.2% (Chu, 2017). The growth was least in European countries as indicated by the figure below. This indicates that people in UK have s very small disposable income to allow them to indulge in luxuries (ONS, 2017). This is expected to have positive implications on the banking sector as it implies that will increased demand for credit to fulfil personal needs that cannot be met by disposable income.
2.1.4 Ecological forces
The ecological environment refers to the natural environment as well as the efforts made to conserve natural resources and the natural environment. According to Sena (2017) residents of the United Kingdom are very interested in environment and go to lengths to ensure that they participate in environment conservation. Consumers prefer to make purchases about the environment and prefer to reward companies that actively conserve the environment as shown by the table below. This has implications on financial sector because it implies that the bank will have to provide resources to participate in environment conservation (Fee, 2013). This includes engaging in initiatives that use renewable energy sources. It may also include paying for carbon credits with an aim of creating positive image to customers who only purchase services from brands that have green initiative and these types of customers are the majority in UK (Maggioli, 2016).
2.1.5 Technological forces
The technological forces mostly refer to the advancements in innovation and technical capabilities of organisations and industries within a given country. The most influential technological force in the United Kingdom is the uptake of the internet. Currently one of the technological forces affecting businesses in the United Kingdom is the increased use of internet. According to Office of National Statistics (ONS), (2017) more than 81% of the UK residents have right to use to the internet. Most importantly, an approximate of 52% of the people who use internet mainly utilise it to access social media networks so as to socialise and be in touch with people whom they are interested in. The use of internet has transformed the way in which products and services are accessed by consumers (Capon, 2009). This has had implications on banks because they also have to move their services online. Consumers prefer to access their bank accounts online. This implies that banks have to develop apps, create web based services and accounts that can service their customers online. This has been positive because it has reduced the cost of establishing brick and mortar branches which are expensive to run and maintain compared with internet based services (Kemp, 2017).
2.1.6 Legal factors
Legal issues are issues related to the legislations and regulations that have been put in place by the government to regulate the industry and companies that operate in certain industry. The regulations affect the business practices adopted by the business as well as company policies and operations. The first regulation issue concerns minimum wages. This regulation holds that companies and businesses in UK have to pay the employees’ wages that are above the set minimum wage (Hall, 2010). This amplifies the labour expenses expended by banks that have operations within United Kingdom.
One of the major regulations has been Basel 3 regulations which have indicated that banks should not provide loans beyond certain ratios. Banks are expected to retain a credit risk score of assts liabilities ratios of 3:1. This implies that banks should not provide credit that is more than a third of its assets (Law Society UK, 2017). This regulation is costly to the banking sector because it implies that the sector does not have as much funds as possible for the provision of credit service which is major income revenue of the bank. UK’s PRA is managed with ensuring that banks have internal governance structures that regulate the conduct of the banks. The banks are expected to protect the depositor’s funds and minimise risks exposed to the depositor’s funds (Economics Online, 2017).
The other regulation factor in the banking industry is Anti money Laundering (AML) regulations that have significant effect on the banking business. Banks have to know their customers and provide the source of their funds of the funds that are over £10000 (Penn et al, 2017). This has made customers lose interest in retail banking due to the scrutiny which they expose themselves to when using banking services. In addition banks have to comply with the Basel 3 regulation which dictates the amount of funds which the bank can issue. The penalties exacted on banks for flouting this regulation increase the cost of doing business in UK (ACA Europe, 2017).
The other regulations relate to the disclosure of financial costs that are charged by banks. FCA has instituted a regulation that requires banks and institutions that provide aspects management services such as Barclays bank to disclose their transactional costs and fees prior to the transaction (Law Society UK, 2017). There should be no hidden fees and transactions charges especially on direct funds and pensions. This regulation has increased transparency of transactions and increased the consumer confidence in banks (Economics Online, 2017).
The other regulation relates to the management senior management of the bank. The bank is expected to have defined role sand responsibilities for senor mangers. The senior managers of the bank have to be approved by the FCA to ensure that they are competent to undertake the roles and responsibilities that have been assigned by the bank (Woolard, 2017). In addition, the bank employees are also subject to certification by the regulator to ensure that they are knowledgeable of the regulations and risks involved in their jobs. The aim of this regulation is to enhance the competencies of the bank employees and guarantee security of customer deposits (Capon, 2009).
The other regulation relates to the interest rates regulation the government endeavours to control. The interest rates are regulated by the monetary policy committee. The aim of this is to set the base lending rate of the banks I UK. These regulations have various implications on the banking sector because they determine the interest rates at which banks can lend their money. However, ACA Europe (2017) noted that very low MPC creates increased competition for loans which reduces profit margins made by the banks. This affects the lending services providers such as Banks negatively because it minimises the profit margins that could have been incurred by the company (Woolard, 2017).
3.0 How regulations affect Barclays Bank operations in UK
This section includes evaluated the financial regulation and the impact that the regulation has had on the industry. This section further evaluates the implications that the financial regulation has on the industry as well as on Barclays Bank. The section further evaluates how Barclays Bank has responded to these regulations. These responses are further evaluated to determine whether they were effective or not. Suggestions on how to deal with ineffectiveness of responses towards the financial regulations are also presented in this section.
3.1 How Barclays Bank has responded to these regulations
The bank has responded to these regulations by putting in place strategies that are related to the businesses that helped the company have credit and governance structures. The bank has some of the best governance politics relating to banking services provision.
The banks have dealt with the Anti Money Laundering regulation by developing an Anti Money Laundering policy. The policy includes appointing an Anti Money Laundering (AML) reporting officers which have responsibilities of having oversight on banks accounts. Their mains responsibility is to enhance compliance with the regulations, rules and other industry standards set by the Financial Conduct Authority (Barclays Plc, 2016). In addition the bank has put in place due diligence mechanisms that enhance monitoring of customers accounts for suspicious activity. The banks has put in place Know Your Customer (KYC) procedures that helps the bank to understand the customer and the nature of business which they are engaged in which helps in identification of money laundering activities (Berry, 2017).
The other response relates to relates to the interest rates regulation the government endeavours to control. The interest rates are regulated by the monetary policy committee. The aim of this is to set the base lending rate of the banks in UK (Financial Times, 2017). These regulations have various implications on the banking sector because they determine the interest rates at which banks can lend their money. Barclays has responded by lowering its interest rates to not more than 400 basis points for long term loan (Barclays, 2015). The bank offered loans of an APR of 4.9% which is competitive compared with other banks such as Standard Chartered Bank. This proves that the business has what it takes to develop and improve the business of the organisation.
The bank has also responded to regulation on the disclosure of transactions by ensuring that customers are furnished with the fees details before they sign for accounts. ion addition, the company has placed transaction fees details on its website for easier access of the information. In addition, the bank has trained its staff to inform its prospects and potential customers of the fees prior to opening of the accounts to increase transparency and consumer confidence. This response has increased consumer confidence in the bank. In addition it has increased consumer confidence in the bank contrary to expectations that fee disclosure would lead to loss of customers (Financial Times, 2017). However, customers who make comparisons and are cost conscious tend to move to other banks and financial institutions which they feel that they have cheaper transactional costs.
The bank has responded to the requirements of having to employ employees who are approved by the regulator by paying high wages to the employees in order to attract high quality employees who are certified by the regulator (Deloitte, 2013). In addition the company has to pay high wages for senior executives of the bank since most of the approved seniors executives are those with long term experience and integrity and they do not come at a cheaper cost.
The bank has responded to the increased regulation in interest by providing personalised services and high quality customer services that are of high standards (Barclays, 2014). This has enabled the banks to attract premium customers to the bank. These customers are not only interested in fees but also in the quality of services.
The decision to focus on service quality provision as means of attracting and retaining current customers has been effective because it has enabled the bank to remain a market leader in the provision of quality banking services (Berry, 2017). In addition the bank has managed to attract wealthy clients for its wealth management services.
The decision to engage in customer care services has means that the company has to engage in intensive customer care activities that have to be factored in by the board (Deloitte, 2013). To ensure that customer views and customer is given priority, in decision making the bank has appointed to its board customer care executives to its board to help the company improve its services. This has been effective in making Barclays Banks as a customer centric bank.
3.2 Impact of regulations on the decision making process of Barclays Bank
The regulations have their impact on the decision making process of Barclays Bank. One of the ways in which the decision making process has been impacted by the regulations is that of information gathering. The banks now have to factor in the information from regulators before certain key decisions have been made (Morrison, 2011). The banks have to consult the regulators in decisions such as increasing the loan portfolio, hiring new directors and senior managers, making acquisitions. To have appropriate and all the relevant information Barclays Bank has created information data base which helps the managers to receive information from regulators and industry quickly so that they can remains informed of issues which are happening within the industry especially regulatory issues (Harrison, 2009).
The other way in which the decision making process has been affected by the regulations is that of evaluating information. The company has to hire executives who have long term experience to help them evaluate information from the market and the environment before they can make appropriate decisions (Sloman and Jones, 2011). The banks have to include non executive directors in their boards in order to have alternative voices apart from those of bank employees and shareholders in order to protect customer’s interest as well as have information from the market. These non executive directors can include legal experts, regulatory and governance experts. In addition, all board members have to be consulted before making any changes within the bank. Barclays has sought to enhance its decision making process by hiring legal experts, technology experts and regulatory experts in its board of management. This has helped to ensure that the banks have made informed decisions. Large number of board members also helps the bank to create alternatives which it can effectively evaluate and determine the best course of action (Woolard, 2017).
3.3 Ineffectiveness of the responses
3.3.1 Ineffectiveness of responses on the bank
The response of putting in place the KYC procedures has not been effective because within because the bank has been found by Financial Conduct Authority to have faltered the Anti Money laundering regulations when signing up new clients and the bank was fined £72 million (Barclays, 2017). This huge fine shows that the bank has failed to put in place effective mechanisms that can enable the Bank to effectively monitor customer deposits and reporting of suspicious financial transactions.
The high level of scrutiny exercised by basks does not always augur well with retail customers who want to retain their privacy which made customers evade the formal banking processes (Penn et al, 2017). The stringent KYC processes have instigated customers to lose interest in retail banking due to the scrutiny which they expose themselves to when using banking services.
Cobalt (2017) noted that the regulation to disclose the fees has its downside especially because it has increased competition between banks. Consumers now have choice to compare transaction fees between banks and therefore determine the best banks in institution that they can use at an appropriate fee (Hall, 2010). The bank therefore has to find other ways of being competitive other than through price offerings.
3.3.2 Ineffectiveness in decision making
The decision by the bank to enhance its decision making process by hiring legal experts, technology experts and regulatory experts in its board of management is ineffective because it slows down decision making process. According to Fee (2013) the more people there are who have to be consulted the lower the decision making which is ineffective especially when responding to pressing regulatory and emerging issues in the market.
Other than slowing down decision making, the decision to include non executive director’s n the bank diminishes the shareholders voice in the bank. It makes the shareholders lose control over the decision making process in the bank yet they are the ones who have invested in the bank (Economics Online, 2017). This makes the banks to focus more on pleasing other stakeholders other than shareholders of the bank.
3.4 Recommendation for Barclays Bank to overcome the ineffectiveness in banking operations and decision making
The following are the recommendations on how the bank can overcome the identified ineffectiveness in its responses and decision making process. In regard to KYC and AML regulations the banks needs to engage in internal training of its employees to adhere to the regulations (Kemp, 2017). The bank should also introduce penalties for employees who do not adhere to the KYC and AML regulations. This would ensure that the bank is fully compliant to the AML and the KYC requirements and help the bank evade penalties levied on banking by flouting these regulations (Hall, 2010). The bank can effectively deals with the customers discontent with the disclosure policies by informing consumers about the needs for disclosure. In addition the bank should encourage customers be transparent and by having customer awareness programs (Cobalt, 2017).
To deal with the ineffectiveness of the high cost of hiring new executive by developing mentorship program within the bank the program should enable the company employees develop requisite experience and expertise by working for the bank for long periods of the time (Winder, 2017). The bank should therefore have a succession plan this shows how senior managers can be replaced internally without having to hire experienced managers from outside the company as they are very expensive compared within promoting employees from within the company.
To deal with the infectiveness in decision making especially the slowed decision making process. The bank can have sub committees of the board that can deal with urgent and pressing issues (Fee, 2013). For instance the bank can have corporate governance subcommittee that can make decisions on corporate governance. The bank can have compliance committee that can make decision on regulatory compliance. The committees can meet as quickly as possible whenever an issues arises that is within the committee’s mandate (Guy, 2009).
4.0 Conclusion
The report has examined the external environment of the banks and identified that the bank has favourable political economic, social and ecological and technological environments. However, the bank faces challenges on legal environment due to the numerous regulations that exist in the industry thus affecting the performance and the decision making of the bank. Some of the regulations include fees disclosure regulation, Anti Money laundering regulations, senior management regulations and interest rate regulations. The bank has responded to these regulations by hiring an executive who is in charge of AML and KYC procedures compliance. The bank as responded to fees disclosure regulation by engaging in serious customer care service enhancement to attract and retain the existing bank customers. The bank has responded to MPC regulations by lowering interest rates. The regulations have affected the bank’s decision making process by masking the decision include information gathering on compliance as a key component of the decision making process. The responses were however ineffective because the bank was fined for flouting AML regulations. In addition, the customers were dissatisfied with the disclosure of their personal information while the decision making process was long and slow. Also the decision making process has slowed down because of including a lot of executives in the board of management. To overcome this ineffectiveness the report has recommended the company to train its employees in the banking resources and ensure that all the employees have requisite certifications. In addition, the report recommended employees to be trained in customer care enhancement in order to improve the quality of service provided as means of retaining customers. The report has also recommended the employees to train its employees internally in order to avoid high cost of externally hiring executives as this is very expensive for the bank. To improve on the decision making process the report has recommended the board to have subcommittees that can easily make decisions regarding pressing issues without involving the whole board as this would fasts track decision making process.
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