Barclays bank currently stands as a leading financial operation, with an extensive market ranging from Europe, North America, Australia, Asia and Africa. Having turned down government funding in the previous quarter, Barclays Bank directors can freely determine, shape and define the financial prospects of the company now. Originally, being a UK brand, Barclays bank gained prominence in the financial sector through acquisition of smaller banking operations. Moreover, the company has recently updated its services, covering all aspects of the banking industry. In recent times Barclays Bank has faced controversial charges, such as tax avoidance schemes and aggressive investment plans. Despite the current hurdles, the bank faces, Barclays offers a promising future of emerging as number one banking contender in the European market, in the current harsh economic times. A recent financial article, published in The Economic Times journal, offers a profound insight towards Barclays, legitimizing activities in extending its market share.
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According to an article, written by Anita Bhoir in September, Barclays bank plans to target the student audience in its quest towards expanding its consumer market. Barclays banks plan to unveil unique, flexible account holding systems that will not only attract student consumers, but also retain them in the overhaul. Moreover, the unveiling of the unique account holding system will uphold Barclays’ status as the implementer of groundbreaking and relevant banking services. The current student market share stands at 1.5%, approximately 960,000 accounts. Through the implementation of effective marketing strategies, such as the introduction of new prepaid card, the bank aims at expanding its student market share to 8.9%. The new prepaid card, introduced by Barclays, increases profitability to the students account holders, since the more they save, the more their probability of lending money from the bank increases. The launch of the new student account package establishes Barclays as a global brand, with realistic product responds to the current economic trend.
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