Barclays products and services
To ensure customers are supported through their journey to financial inclusion, we have been working to develop products and services to meet their needs at every stage.
Much of our work on financial inclusion has to date focused on enabling people to access the services they need most, through basic bank accounts and easy access savings accounts.
In some markets, we are also developing our support for income-generating activities, offering services such as access to appropriate credit for micro-enterprises and small businesses.
Basic bank accounts
We provide a range of flexible accounts to enable previously excluded people to open basic accounts. Around the world, customers are benefiting from services open to account holders with minimal income. Examples include the Cash Card Account in the UK, the No Frills Account in India and a range of services from Absa, majority-owned by Barclays.
In 2009, we commissioned independent research among low-income customers to better understand their needs and account habits. We are now sharing the results with UK policymakers and consumer groups to help inform the financial inclusion agenda.
In the UK, Barclays is the only large high street bank to offer a basic bank account to 'undischarged bankrupts'. These are customers who have filed for backruptcy, but for one of a range of possible reasons, did not complete the process. We view basic bank accounts as an important way to help these individuals reintegrate into the mainstream financial system.
Savings accounts
We offer a range of fee-free savings accounts developed for people on low incomes across many of the markets where we operate. We are also looking to develop products that meet the diverse needs of our customer base and fit with existing cultural and social traditions. Options include accounts in South Africa which offer people the opportunity to save as part of a group and an account in India which allows families to pool their savings.
Micro-enterprises and small businesses
Barclays is also developing products to help small businesses in the developing world benefit from banking.
Absa’s Microenterprise Finance Unit provides business loans and advice to more than 7,000 clients across South Africa.
In the UK, we run free business seminars for local entrepreneurs and recently made our CREDITFOCUS service available free to business owners, regardless of whether they are Barclays customers. This innovative product allows businesses to check the credit rating of suppliers and customers.
New channels
We are extending the number of people we reach by launching innovative products and technology. Examples include Absa’s CashSend service, which allows customers to transfer money using ATMs, and the Hello Money service in India, which enables customers to access their accounts through mobile phone.
