What is Barclays' fintech strategy?
Barclays is one of Britain’s biggest banks, but as fintech becomes increasingly dominant, what do they have to offer?
Established high street banks are increasingly trying to expand their digital banking offering and widen their reach into the world of fintech.
For instance, NatWest (the bank formerly known as RBS) currently has two digital banks on offer—Mettle is an app-only bank for people who run their own businesses and Bó is aimed at younger, more tech-savvy consumers.
Similarly, American investment bank Goldman Sachs launched its digital banking rival, Marcus, in 2016 and has seen some success in the UK—as has Goldman’s US counterpart JP Morgan which re-launched its digital bank under the Chase brand.
A spokesperson for Barclays told AltFi that, instead of providing its own fintech offering, the bank is instead more focussed on “forming strategic long-term partnerships with fintech companies whose ideas can drive sustainable change.”
“Through our various fintech-focused initiatives, such as Rise, Eagle Labs and Barclays Ventures, we are working with some of the most creative and innovative minds in fintech to disrupt, challenge and improve the way things are done across banking and the wider the financial services industry,” they added.
Barclays clearly has a desire to help support the fintech industry, largely from the ground up, and has no real desire to start acquiring larger fintechs to add to its own roster.