For example, we better meet our client needs by focusing on digitalisation, which in turn expands our product sets and strengthens diversification. This improves the resilience of the Group, increases efficiency and reduces cost and operational risk, while providing an improved experience and faster capability for our customers.
Putting customers and clients at the heart of what we do requires us to listen and to understand their priorities, tailoring our products and services to meet their needs, while using our expertise to support their progress. The global reach of our universal banking platform across a diverse set of products and services allows us to meet an unparalleled range of our customer and client needs. We have taken steps to join up and strengthen the way we think about our service across all of our businesses to present a single, compelling face to our customers and clients.
This interconnection is reinforced by our common core operating platform, BX, which facilitates the sharing of expertise and ideas across the Group. We are now better able to bring our entire organisation to bear in delivering the right solutions for customers and clients seamlessly.
Internally we call this the Power of One Barclays, a philosophy that unites colleagues across all of our businesses in a single objective to meet our customer and client needs end-to-end, realising operational and financial synergies across the Group. In the UK, we continue to focus investment on the rapid automation of as many processes as possible while striving to not leave any customer behind. This enhances customer experience and the reach of our products, and it also reduces costs, creating the capacity to finance further investment in automation and a virtuous circle of multi-year cost efficiencies.
During the COVID pandemic, we recognised that digital access was a necessity and worked to accelerate investment in our digital and automation agenda, helping customers bank and transact with us more easily. Last year, we successfully migrated Barclays iPortal from legacy physical infrastructure to the cloud, providing a more resilient and cost effective platform. In our Markets business, we continued to increase the scale of our network and platforms, extending our electronic capabilities, including our BARX and options offerings.
Finally, in a year that saw a peak of over 70, colleagues working remotely, the value of our strategic investment in digital infrastructure was plain to see. Within a matter of days, Barclays enabled a huge number of people to make that transition, deploying c. We demonstrated the benefits of our diversification through , delivering consistent profitability during the COVID pandemic, while managing our risk appropriately and taking significant provisions for future potential credit losses.
Our Markets business benefited from high asset price volatility and volumes of client transactions, and from a well-executed risk strategy. This generated significant profits, helping to offset headwinds that we saw in our consumer businesses. Browse marketing analysis of more brands and companies similar to Barclays Bank. The brand names and other brand information used in the SWOT Analysis section are properties of their respective companies. The companies are not associated with MBA Skool in any way.
What is MBA Skool? About Us. Business Courses. Quizzes test your expertise in business and Skill tests evaluate your management traits. Related Content. All Business Sections. Write for Us. Follow us on. Large international network with good brand visibility 4. Operations in over 50 countries and around 48 million customers 7. Need of bailout in UK during recent economic crises 2.
Earning urban youth looking for investment options 3. When premium competitors have followed suit it has landed very badly. It is also worth noting that your competitor may have a bad idea or be experimenting with something new. If you understand what your key differentiator is and always play to your strengths, they will have to come and compete on your battlefield. Finally, if everyone copies each other, you end up with similar products all trying to appeal to the lowest common denominator.
They provide validation that the idea has the opportunity to scale. It can be useful to have someone snapping at your heels as this could help keep you and your staff focused and driven. However, try not to knock your competitors internally or externally. I also believe in maintaining a line of communication with competitors.
Without giving away competitive advantage, you can share common challenges and come up with solutions that help you both grow. Your company should be unique and you should stick to the angle where you can be the number one for your differentiated proposition.
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