Barcly Bank Assignment Example | Topics and Well Written Essays - 2000 words

Barcly Bank - Assignment Example Perhaps one would say that it is because the bank has already established its name considering the quantity of time that it has penetrated the UK banking arena; it has marked its name among its consumers considering the amount of time that it renders among its consumers. Basically, the thinking that due to the fact that it has been in the market for quite a long time, then it has the skill and expertise needed in banking industry. Secondly, the thought that it won't stay that long of the company didn't earn the trust of the consumers. Considering the present state of bank market nowadays, is it enough to rely on the aforementioned premises to attribute the success of the said bank In this case, the answer would be obvious, it is a big NO. Due to tougher, competition among several bankers, relying on the name alone plus the quantity if stay in the market is not enough to consider the case because of changing times, customers have different needs . In dealing with the present competition, laying down the master and contingency plan to address the further success of the company is the most important thing to do. Before, plunging into a more delicate issue concerning competitions and plans, looking back to where the company has started is an important thing to do in order to draft plans in relation to the next step that the bank must do to be on top despite the threat of hundreds of competitors encircling the competitive arena. In dealing with the bank's history, the company website barclays.co.uk (2007) revealed that "Barclays origins can be traced back to a modest business founded more than 300 years ago in the heart of London's financial district. In the late 17th Century, the streets of the City of London may not have been paved with gold, but they were filled with goldsmith-bankers. They provided monarchs and merchants with the money they needed to fund their ventures around the world. One such business was founded by John Freame and his partner Thomas Gould in Lombard Street in 1690. The name Barclay became associated with the company in 1736, when James Barclay - who had married John Freame's daughter - became a partner. Private banking businesses were commonplace in the 18th Century, keeping their clients' gold deposits secure and lending to credit-worthy merchants. In 1896, 20 of them formed a new joint-stock bank. The leading partners of the new bank, which was named Barclay and Company, were already connected by a web of family, business and religious relationships. The company became known as the Quaker Bank, because this was the family tradition of the founding families" Understanding the company's history is an important thing to do to formulate draft since a saying goes that it is impossible for you to reach your destination without looking back to where you have started. The same thing in formulation of plans regarding the success of the business lies within the formula from where the company has started. Basically, it started from different ventures and from different businesses delivered and catered different types of