Page 61 - Barclays Bank (B)
P. 61
“we’ve been on this digital transformation for the last
three or four years and the way we are thinking
about it is that digital is going to change everything.
Frankly, the digital revolution is bigger than the
industrial revolution or the agricultural revolution”
“…..The other thing which is becoming amply clear to
me now, which was not clear even maybe 12 or 18
months ago is that you can’t pursue a digital
program without having a data program sit solidly
behind it. Without the data, your ability to deliver
digitally or deliver a new business model just doesn’t
happen.” (13)
Moving away from legacy IT is a complex task that many
banks have delayed it. Banks that accelerate their
replacement of legacy IT stand to gain a competitive edge
that will be hard to erode.
Aiding this process is the overhauling of Barclays back
office operations in order to comply with new post-crisis
rules forcing British banks to ring-fence their retail
operations by 2019. It created a new company that
operates as a standalone unit providing support services
to both of Barclays’ two main operations Service
Company (ServCo). It affected most of the more than
10,000 people who work in Barclays back offices
operations in 17 countries around the world.
