Friday, July 02, 2010

Barclays planning a big investment in channel

Barclays is said to invest £ 1 Billion in improving the service to customers in the next three years. (Read here). According to the article this will be for branch improvement and investment in technology (like "mobile banking"). I get excited by big amounts like this and where global brands like Barclays make a commitment to spend to improve their customer experience.

What also interest me is the business cases that support these big amounts. As we know, big business is happy to spend, providing they can see the return on their investment. In the article, we get some insight in the business case for this huge investment. In areas where bank branches have been revamped, they have seen "growth in current account share more than double". I am not sure what this mean, but it seems as if they now have many more current accounts and this must be a good thing. The article also indicate that the group "also plans to add up to four million retail banking customers".

This is probably why they also mention mobile banking. With mobile banking properly deployed and with that kind of budget, it should be easy to add four million new customers in less than three years, providing you know what you do.

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