Financial inclusion is more than just a buzzword; it’s a vital component of economic stability and growth. At Barclays, the commitment to fostering financial inclusion is evident through a variety of innovative programmes and services designed to empower individuals and small businesses.
Key Points:
- Barclays Eagle Labs: 37 business incubators across the UK, supporting over 4,500 businesses in 2023, with a focus on tech and sustainability.
- Money Management Hub: Offers budgeting tools, spending insights, and personalised advice, enhancing financial literacy for Barclays customers.
- Money 1:1 Service: Provides personalised financial coaching sessions with Money Mentors, helping customers manage finances and plan for the future.
- Homeownership Support: Assisted over 103,000 new customers, including 33,000 first-time buyers, with flexible mortgage options and interest rate advice.
- Shared Banking Hubs: Operates hubs providing essential banking services to all high street bank customers, enhancing accessibility, especially in underserved areas.
- Expansion of Barclays Local: Includes 351 sites, alongside 306 branches and 16 mobile service points, enhancing in-person support across communities.
Barclays Eagle Labs: Incubators of Innovation
Barclays Eagle Labs are at the forefront of supporting entrepreneurs and small businesses. With 37 business incubators across the UK, including nine new locations added in 2023, Barclays Eagle Labs aim to be a catalyst for innovation and economic growth. These incubators provide vital resources such as mentorship, office space, and access to cutting-edge technology. By fostering an environment where start-ups and scale-ups can thrive, Barclays is helping to create jobs and stimulate local economies.
In 2023 alone, Eagle Labs supported over 4,500 businesses, demonstrating Barclays’ dedication to nurturing entrepreneurial talent and driving economic progress. The network’s focus on technology and sustainability has also attracted Climate Tech start-ups, which are working on innovative solutions to combat climate change. This not only supports the financial stability of businesses but also contributes to broader societal goals.
Money Management Hub: Empowering Financial Literacy
The Money Management Hub is another crucial initiative by Barclays aimed at enhancing financial literacy among its customers. In a year marked by economic uncertainty and rising living costs, this platform provides essential tools and information to help customers better understand their finances. The Hub offers features such as budgeting tools, spending insights, and personalised financial advice, enabling customers to make informed financial decisions.
Barclays has also introduced the Money 1:1 service, which offers customers personalised financial coaching sessions with specially trained Barclays Money Mentors. These sessions provide tailored advice and strategies to help customers manage their money more effectively, build savings, and plan for the future. By focusing on individual needs, Barclays ensures that customers have the support they need to navigate financial challenges and achieve their financial goals.
Supporting Homeownership and Savings
Barclays has implemented several measures to support customers in building long-term financial resilience. For instance, in response to the rising interest rate environment, Barclays provided options for customers to switch to interest-only mortgages for six months and extended mortgage terms where appropriate. This flexibility has been crucial in helping over 103,000 new customers get on or move up the housing ladder in 2023, including 33,000 first-time buyers.
Additionally, Barclays proactively contacted 1.2 million customers to inform them about opportunities to earn more interest by switching to different savings products. This initiative not only enhances the savings of individuals but also contributes to their overall financial well-being.
A Community-Focused Approach
Barclays’ commitment to financial inclusion extends beyond individual customers to the broader community. The bank’s participation in Shared Banking Hubs is a testament to this. These hubs are physical spaces that offer banking services to customers of any high street bank, operated by Post Office colleagues. They provide essential services such as cash withdrawals and deposits, bill payments, and private spaces for financial consultations. By enhancing accessibility to banking services, Barclays ensures that even those in remote or underserved areas have the support they need.
Moreover, Barclays’ efforts to expand its physical presence through Barclays Local, which now includes 351 sites in addition to 306 branches and 16 mobile service points, demonstrates a commitment to serving communities where traditional banking options may be limited. This expansion allows Barclays to provide in-person support while maintaining a focus on sustainable and efficient service delivery.
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