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UK Commercial Banking industry analysis

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I had a word limit to stick to, though I crossed it, I decided to stop. A lot of interesting points that I observed.

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UK Commercial Banking industry analysis

  1. 1. SYRACUSE UNIVERSITYUK Commercial Banking Industry Analysis Project 1, Assignment 02 Manan Kakkar 3/26/2012
  2. 2. Manan Kakkar 1IST 755 Project 1 Assignment 2Table of ContentsIndustry Overview ......................................................................................................................................... 3National Environment ................................................................................................................................... 3 Demographics and Economics .................................................................................................................. 3 Population ............................................................................................................................................. 3 Age Demographics ................................................................................................................................ 5 Ethnic Demographics ............................................................................................................................ 5 Gross Domestic Product........................................................................................................................ 6 Infrastructure .......................................................................................................................................... 10 Telecommunications ........................................................................................................................... 11 Credit Availability ................................................................................................................................ 12 Policy Environment ................................................................................................................................. 12 Market Size and Growth Rate ................................................................................................................. 13 Banking Value Chain ............................................................................................................................... 13Strategic Analysis ........................................................................................................................................ 14 Industry Rivalry ....................................................................................................................................... 14 Global Comparison.............................................................................................................................. 14 Threat of New Entrants ........................................................................................................................... 14 Global Comparison.............................................................................................................................. 15 Bargaining Power of Buyer ..................................................................................................................... 15 Global Comparison.............................................................................................................................. 15 Bargaining Power of Supplier.................................................................................................................. 15 Global Comparison.............................................................................................................................. 16 Threat of Substitutes............................................................................................................................... 16 Global Comparison.............................................................................................................................. 16Information Systems in Commercial Banking ............................................................................................. 16 Internal Systems for the Employees ....................................................................................................... 16 Barclays ............................................................................................................................................... 17 Royal Bank of Scotland (RBS) .............................................................................................................. 18 Lloyds Banking Group ......................................................................................................................... 18 HSBC .................................................................................................................................................... 19 Observations ....................................................................................................................................... 19
  3. 3. Manan Kakkar 2IST 755 Project 1 Assignment 2 Customer Facing or Transactional Systems ............................................................................................ 19 Plastic Cards (Debit and Credit) .......................................................................................................... 19 Mobile Banking ................................................................................................................................... 19 Online Banking .................................................................................................................................... 20 Global Comparison.................................................................................................................................. 20Information Systems as Strategic Advantage ............................................................................................. 21 Technology Transformation .................................................................................................................... 21 Service Model ......................................................................................................................................... 21Bibliography ................................................................................................................................................ 22
  4. 4. Manan Kakkar 3IST 755 Project 1 Assignment 2Industry OverviewThe commercial banking industry in the UK is slowly showing signs of recovery after the financialmeltdown of 2009 and 2010. In order to help revive the economy, the UK government bailed out twopublic banks and changed regulations to reduce impact of HBOS going under (Datamonitor, 2009).There are five major commercial banks in the UK, two of which have significant government investmentswhile three are private. According to current market cap, the top five banks in the UK are: 1. HSBC: £100,520M (London Exchange) 2. Standard Chartered: £38,122M (London Exchange) 3. Royal Bank of Scotland: £30,911M (London Exchange) 4. Barclays: £29,833M (London Exchange) 5. Lloyds Banking Group: £25,006M (London Exchange)National EnvironmentThe key national environment factors in the UK that are important to the commercial banking sectorare:Demographics and EconomicsThe demographics and economic information of UK is crucial to this report since, for a bank, it is thepeople who deposit in a bank and withdraw from a bank. As we will see later in our Five Force analysis,the customer becomes the supplier and buyer for the banking industry. Since we have five major playersin the UK banking sector, the market needs customers for competition in the market. The amount ofmoney deposited in the banks that can in turn be infused back into the economy as investments or loansdepends on the nation’s economic conditions such as GDP. If the government rules and regulationsallow vibrant competition and openness, the economy grows, this leads to more cash with people todeposit, and the cycle continues. Here’s a quick overview of the demographics and economics of UK:PopulationThe estimated population of UK up to July 2012 is 63,046,162 (CIA). In comparison to other countries inthe Europe and Central Asia region, United Kingdom ranks 5th behind France, Turkey and Germany(World Bank, 2012).
  5. 5. Manan Kakkar 4IST 755 Project 1 Assignment 2 Figure 1 UK Population
  6. 6. Manan Kakkar 5IST 755 Project 1 Assignment 2Age Demographics 0-14 65+ Figure 2 UK Population Age DemographicsThe age groups from 65+ are citizens who have retired and are either using their pensions or savings.These are not active users who deposit cash and would be comfortable with their existing bankaccounts. The considerable population in the UK is within the 15 to 64 age group that keep the economyactive. For banks, this statistic is a positive sign since despite the economic crisis, the majoritypopulation will continue to keep the money flowing. With more than 25% of the population in 0 to 14,the banks have new customers to look forward to.Ethnic DemographicsThe Ethnic breakup of UK’s population based on a 2001 census is as follows (CIA): • White 92.1% o English 83.6% o Scottish 8.6% o Welsh 4.9% o Northern Irish 2.9% • Black 2%
  7. 7. Manan Kakkar 6IST 755 Project 1 Assignment 2 • Pakistani 1.3% • Mixed 1.2% • Other 1.6%The ethnic demographics play an important role in the banking sector, since there ethnic minorities andimmigrants face difficulties in opening bank accounts. Lack of identification documents and stringentregulations put in place by the industry watchdog make it tough for banks to offer services to certainethnic groups (Stacey, 2012).Gross Domestic ProductGDP Total Figure 3 UK GDP 2000-2010 (World Bank, 2012)
  8. 8. Manan Kakkar 7IST 755 Project 1 Assignment 2GDP per capita Figure 4 UK GDP per capita (current USD) (World Bank, 2012)The UK GDP per capita saw a sharp dip during the economic crisis and fortunately is back up. With agrowing per capita, the banks should look forward more spending and financial transactions. This is apositive sign for the economy and financial services.
  9. 9. Manan Kakkar 8IST 755 Project 1 Assignment 2GDP Growth Rate Figure 5 UK GDP Growth 2000-2010 (World Bank, 2012)The GDP growth rate is an indicator of the economy’s growth. The UK economy saw a quick recoveryafter the economic crisis. A stronger economy indicates more financial transactions.
  10. 10. Manan Kakkar 9IST 755 Project 1 Assignment 2Market Openness Figure 6 Insurance and Financial Services Export UK (World Bank, 2012)
  11. 11. Manan Kakkar 10IST 755 Project 1 Assignment 2 Figure 7 Insurance and Financial Services Import UK (World Bank, 2012)Imports and exports due to financial services in the UK have seen some slowdown; however, there wasno sharp fall during the economic crisis. This is a strong sign for the stability of financial institutions. In areport (TheCityUK, 2011), some specifics about the financial services sector in the UK have been shared: • In 2010, UK financial services generated £36 Billion trade surplus • In 2009, £124 Billion was contributed by the sector towards the economyInfrastructureIn the banking sector, the IT infrastructure of the country plays an integral role. There is constant datatransfer from banks and use of ATM machines spread across the country. As we will see in our IS and ITsystems analysis, mobile and internet banking are growing fast in the UK. A strong telecommunicationsinfrastructure is critical for the banking sector to offer secure and reliable services.
  12. 12. Manan Kakkar 11IST 755 Project 1 Assignment 2Telecommunications Figure 8 Internet Users in UK (World Bank, 2012)
  13. 13. Manan Kakkar 12IST 755 Project 1 Assignment 2 Figure 9 UK Mobile Cellular Subscriptions (World Bank, 2012)Credit AvailabilityThe credit line for credit cards and loans for end-users depend on the availability of credit. UK’s centralbank—The Bank of England—has said more credit will be made available for customers (Douglas, 2012).A 2011 survey conducted by the Bank of England reported that there was increase in availability ofcredit (Bank of England, 2011).Policy EnvironmentThe policies in the banking sector have been tightened since the economic crisis. However, theseregulatory policies don’t intimidate new entrants into the market (Office of Fair Trading, 2010). TheFinancial Services Authority (FSA) is the regulatory body in UK that governs the banking policies. The ISstrategy of banks need to take in to account the policies regarding security, data transfer and riskmeasurement.
  14. 14. Manan Kakkar 13IST 755 Project 1 Assignment 2Market Size and Growth RateThe UK banks’ contribution to the economy is a credible metric for market size. In 2009-2010, taxrevenues generated from the financial sector was £53 Billion.Banking Value ChainIn banking, the value chain is unconventional since the lender and borrower are present at the end andstart of the value chain. The IS strategy needs to be built around this concept and as a result, CustomerRelationship Management tools are finding their ways into commercial banks. A basic graphicalrepresentation of the banking sector’s value chain is: Product Back-end Risk Distribution Development Processing Management Technology Figure 10 Banking Sector Value Chain (Synovate)Cultural EnvironmentAccording to Hofstede’s four dimensions of culture, the banking industry in the UK does not havemasculinity vs femininity when it comes to the customer. In the UK, people tend to be careful of theirinvestments post the economic crisis and do not take irrational risks. The UK is considered to beindividualistic rather than collective (Hofstedes Intercultural Dimensions).
  15. 15. Manan Kakkar 14IST 755 Project 1 Assignment 2Strategic AnalysisWe will be using Porter’s Five Forces to analyze the banking industry and the players in the UK.Industry RivalryThe United Kingdom commercial banking sector is widely considered to be an oligopoly with the fivebanks leading the market. According to the CEOs of the banks, there is intense competition among thefive players (The Treasury Committee, 2011). Given the economic crisis, the government eased oncompetitive rules allowing banks to merge (Datamonitor, 2009). The UK Treasury committee said thatthe banks have made it difficult for the customers to switch banks by making it difficult to compare theservices offered and cited the Cruickshank Report (The Treasury Committee, 2011). In addition to notletting rivals poach clients, the banks also have been opting for Mergers and Acquisitions to maintainmarket dominance. Barclays bought Lehman Brothers in what is considered to be one of the deals of thecentury (Junod, 2009). The Royal Bank of Scotland, as part of a consortium, bought ABN Amro in 2007(Business Insights, 2008). This has led to consolidation within the sector.The banks have their own strengths and weaknesses and given the oligopoly status quo in the UK, thebanks are concentrating on expanding in other regions to build market presence. The Royal Bank ofScotland is expanding in countries like Ireland and has a strong presence in the Asia-Pacific region. Thisallows RBS to compete with the UK rivals using resources from these regions. HSBC on the other handhas been focusing on cards; this allows the bank gain credibility in the market (Business Insights, 2008).The industry rivalry is medium.Global ComparisonAs seen in our global analysis report, industry rivalry in the UK is also medium. The banks across theworld are trying to survive after the economic crisis and as a result are comfortable maintaining thestatus quo.Threat of New EntrantsThe commercial banking sector relies on creating trust amongst clients, having a competitiveinfrastructure, and information about customers. For a new bank to attract customers, the bank needsto create brand awareness. The banks need to offer attractive products and services that makecustomer defect from their bank. The oligopoly setup makes it difficult for new players to enter themarket since the customers are spread out across the five major banks (Office of Fair Trading, 2010).The same report further points out, the infrastructure needed to be able to provide customers withcompetitive services. Branch offices, payment networks and gateways, are some of the componentsneeded for a new entrant to have in place. The investments in infrastructure lead to higher costs fornew entrants.The economic conditions and some banks choosing to disinvest offer newer players a chance to enterthe market (Office of Fair Trading, 2010). In many cases, it is the bigger international players that canenter the market with their resources and acquisition of comparatively smaller, regional players.
  16. 16. Manan Kakkar 15IST 755 Project 1 Assignment 2However, research shows that customers in the UK do not want to opt for non-UK banks (Office of FairTrading, 2010).The threat of new entrants is medium.Global ComparisonIn our global research, the threat of new entrants was seen to be low due to the capital needed andgovernment regulations; however, in my research on UK’s banking sector, international players withcash can enter the market and potentially disrupt status quo. The chances of new players coming incannot be ruled due to banks choosing mergers and acquisitions as a way to expand and grow, hencecan acquire smaller banks in the UK.Bargaining Power of BuyerThe buyer’s bargaining power is one of the biggest forces in the banking sector since this is a serviceindustry; a supplier’s bargaining power being the other major force. In commercial banking, the buyerand supplier is the customer. As a buyer, the customer’s bargaining power is less since all banks offeressentially the same products. Due to the status quo maintained by the industry, a buyer lost by onebank will end up with another bank resulting in a round robin situation (Datamonitor, 2009).For the customer using banking services, they have higher bargaining power when it comes to cardservices offered (Datamonitor, 2009). Banks like HSBC are trying to leverage this higher bargainingpower to their advantage (Business Insights, 2008). Barclays on the other hand is hoping to retaincustomers by offering competitive e-banking services.The bargaining power of buyer is lowGlobal ComparisonIn our research of the global market we found the buyer’s bargaining power being medium due to theproduct prices offered by the banks. In the UK however, the oligopoly setup and survival-first strategy ofbanks, the buyer does not have a lot of bargaining power. The banks also make it difficult for the buyerto switch (Office of Fair Trading, 2010).Bargaining Power of SupplierIn the UK, out of five, the Royal Bank of Scotland and Lloyds Bank have investments from thegovernment (Lesova, 2012). This makes the government a major supplier to the industry. In addition toeconomic support post the economic crisis, the government makes the rules. The government changedthe regulations allowing the Lloyds bank’s acquisition of HBOS (Datamonitor, 2009). The end-customer isa supplier to the banks and as such it is essential for the banks to maintain customer lock-in. The recenteconomic down turn has led to customers’ lack of faith in banking institutions and this has increased thebargaining power of the customer as a supplier (Datamonitor, 2009).The bargaining power of supplier is high
  17. 17. Manan Kakkar 16IST 755 Project 1 Assignment 2Global ComparisonIn our global research we found the supplier’s bargaining power high for slightly different reasons—primarily services offered. In the UK, however, the government yields a powerful influence in policymaking as an investor in two major banks. Also, since services offered by the top banks are largely thesame, the supplier can opt to switch if he chooses to.Threat of SubstitutesIn the banking segment, substitutes are being seen as alternate services that offer basic banking serviceslike investing and saving. These alternates include real estate investments, mortgages and pensionfunds. The returns in these substitutes vary and are volatile; in addition, these services are lessregulated. This makes it difficult for the already skeptical UK customer to trust and opt for substitutes.The threat of substitutes is lowGlobal ComparisonThe threat of substitutes in the global market and UK is low. The reasons in this case are the same. Thecustomers rely on banking institutes due to their existence since several years, the ‘too big to fail’thinking (The Treasury Committee, 2011) backed by the government bailing the banks (Shaoul, 2009).Information Systems in Commercial BankingIn our global report we explained how the Information Systems and IT infrastructure of a bank can bedivided into two main categories: • Operational systems • Customer facingInternal Systems for the EmployeesThe internal infrastructure of a bank that is used by employees and used for daily operations is thebackend system. Customer Relationship Management suites are now seen as key to a bank’s internalinfrastructure. The CRM of a bank brings together the different divisions of a bank with a central focuson the consumer. E.W.T. Ngai proposed the following representation of CRM in an organization:
  18. 18. Manan Kakkar 17IST 755 Project 1 Assignment 2 Sales Customer Service Marketing Relationship and Management Support IT & IS Figure 11 Classification framework for CRM (Ngai, 2005)The IT & IS involved in a CRM system includes concepts like IT security, Data mining and Datawarehouses. The UK banking industry has been using computing systems dating back to 1926. TheLedger Posting Machines were used for coming up account balance reports. As technology progressedthrough the years, computing systems found their way into other banking functions such as book-keeping. The cost savings benefits of IT in banking were seen in those years. Computer manufacturerslike IBM have been part of the UK banking infrastructure since the early 1900s (Batiz-Lazo & Wardley,2007).The IT & IS systems are upgraded and changed for better efficiency and in case of mergers andacquisitions. The IT infrastructure of some of the UK banks gives us interesting insights into theInformation Systems strategies of the respective banks, and even the industry as a whole.BarclaysStarting May 2009, Barclays initiated their operational restructuring to adapt with the market crisis. TheIT division saw 700 employees being laid off (King, Barclays to lay off 700 UK IT staff by end of year,2009). A big blow to one of the critical cog in bank’s working, in January 2010, Barclays and Accentureparted ways. Accenture helped Barclay’s in their application development as part of a six deal pegged at£400M (King, Barclays drops £400m Accenture deal, 2010).In May of 2010, Barclay’s decided to promote their head of Customer Relationship Management (CRM)to head their retail banking division (Parsons, 2010). The move is significant since as we wrote in ourglobal research study, banks with CRM in place have a competitive advantage and banks can come upwith tailored products. Having someone who knows the clients’ needs running the division will help thebank understand their customers better.
  19. 19. Manan Kakkar 18IST 755 Project 1 Assignment 2As part of moving forward during the economic crisis, Barclays realized the need of an analytics system.The company roped in SAS for a Business Intelligence tool that would let Barclays conform to betterregulatory standards in addition to have more reliable data (King, Barclays SAS system used to improveconsumption forecasting, 2012). The problems for Barclays in 2010 were not limited to the economiccrisis. Reports of a fraud employee using the organization’s IT infrastructure for money launderingsurfaced (ComputerWeekly, 2010).Royal Bank of Scotland (RBS)In 2005, the Royal Bank of Scotland announced plans to introduce a system to track the performance oftheir call center employees. The system known as the ‘Productivity Improvement Measurement andManagement System’ (PIMMS) was part of the organization’s Human Capital Management suite used bythe company’s Human Resources division. PIMMS would let RBS’s HR to know information such asleadership and absence among other parameters of employee performance (Thomas, 2005). The PIMMSsystem comprised of four modules that included forecasting, reporting, work measurement, employeerosters and work patterns (Job, 2006).During the economic crisis, RBS had a tough time and the lack of efficient IT systems to measure riskswas understood to be one of the reasons (King, Royal Bank of Scotland did not have right riskmeasurement IT systems, says FSA, 2011).During the economic crisis, the bank was said to layoff close to 4,500 employees from the back-officeoperations in UK. This was going to impact the bank’s IT operations (King, Royal Bank of Scotland cuts9,000 back office jobs, 2009). The report also suggested the bank adopting a new IT system. In Octoberof the same year, more information about the new IT system was shared. At a cost of nearly £6 Billion ina span of five years, RBS planned to integrate ABN Amro’s system with theirs. For RBS, integrating theirvarious IT systems was a challenge that they hoped to solve with the massive investment (King, RoyalBank of Scotland to spend £6bn on IT, 2009).Lloyds Banking GroupIn June 2011, the bank announced major cost cutting steps as part of the restructuring initiatives. Duringthe economic crisis, the bank announced their acquisition of the Halifax Bank of Scotland and the IS ofboth organizations had to be integrated (Nguyen, 2011).The bank also severed ties with several of its ITsuppliers such as VMware, Oracle, SAP and Microsoft. Like the Royal Bank of Scotland, Lloyd announcedtheir plans to integrate HBoS’s information with their platform (King, Lloyds Banking Group lines uphuge HBOS system switch, 2011).Less than a year later, Lloyds Banking Group announced that the integration was complete (LlyodsBanking Group, 2011). The integration was a considerable expenditure for the organization but wouldallow the new entity to offer comprehensive and integrated services to their customers.The bank has deployed McAfee’s security solutions to secure their networks and Skybox Secure for riskmodeling (British Telecommunications).
  20. 20. Manan Kakkar 19IST 755 Project 1 Assignment 2HSBCAs explained above, Data warehousing plays an important role in CRMs and First Direct leverages itsdata to offer better after-sales support to its customers. As seen in our Porter’s analysis of the industry,the bargaining power of supplier is high; the customer can choose to take his business to another bankin case he feels dissatisfied with one bank (Ryals).ObservationsAs we’ve seen, the economic crisis led the major banks to evaluate their expenditure, take drastic cost-cutting steps like layoff manpower, and re-think their IT strategies.Customer Facing or Transactional SystemsThe options available to the end-user to interface with the bank have evolved with time. Users like theoption to track their accounts using online banking and the penetration of smart phones has led to usersopting for mobile banking while using cards.Plastic Cards (Debit and Credit)Card transactions are a popular payment method used by consumers. The UK Card Associationestimates £37.9 Billion worth of transaction done using plastic cards (The UK Cards Association, 2011).Figure 12 Average Month Expenditure (£ Billions) Figure 13 Spending on plastic cards (Annual growth rates) The security involved in card transactions has improved over the years with a 41% fall in losses due tocouterfeit plastic cards (Kirk, 2011). The IS systems involved in card banking include the ATMinfrastructure spread across the country.Mobile BankingIBM believes that by 2016, there will be considerable change in people’s banking habits due to mobiledevices (IBM Global Business Services). The leading commercial banks in UK like Lloyds, Barclays, HSBC,and Royal Bank of Scotland have applications or mobile optimized websites for their customers to use.The benefit of having mobile optimized websites is that the bank does not need to develop and maintainapps for multiple platforms.Reports from industry watchers suggest the UK market is split between Android and iOS devices. InSeptember 2011, Nielsen’s report placed Android as a popular choice while Apple’s iPhone had the
  21. 21. Manan Kakkar 20IST 755 Project 1 Assignment 2highest brand loyalty in the UK (Nielsen, 2011). However, in February, Apple’s iPhone was the top sellingsmartphone in UK (Arthur, 2012). The UK is seeing rapid growth in mobile banking. According to areport, there has been a 136% increase in daily mobile banking users from December 2010 to December2011. An estimated 4.8 million customers used their smartphones for netbanking in ;ast quarter of 2011(comScore, 2012).Online BankingIn comparison to mobile banking, January 2008 saw almost 10.9 Million users using online bankingservices (comScore, 2008). The infrastructure needed to keep the websites running is a challenge for theIT departments of the banks. In 2011, HSBC UK faced severe downtimes when their servers crashed. Thecompany was quick in responding to the situation but the outage highlights a concern (Espiner, 2011).The online banking services offered by most banks are the same. Customers can make transfer and tracktheir spending using detailed reports.Global ComparisonThe Information Systems deployed in the UK banks and globally are similar. IT infrastructure needed forCRMs, mobile and online banking is not different. Vendors and pricing vary based on regions.
  22. 22. Manan Kakkar 21IST 755 Project 1 Assignment 2Information Systems as Strategic AdvantageWhile the five major players in UK are comfortable with the status quo, they are trying hard to cut costs.Initially, the some banks decided to downsize their IT departments; they are, however, bringing in newIT systems to improve efficiency. The focus on the customer and developing a strategy around theirCustomer Relationship Management system, banks are trying to leverage IT and IS to improve theiroperations. In our global analysis we observed that banks are using two alignment perspectives(Henderson & Venkatraman, 1999). Similarly, in the case of UK’s banking sector, banks use twoperspectives for business and IS alignment.Technology TransformationPost the economic crisis and bailouts offered by the UK government, it is essential for both private andpublic banks to have a well-defined business strategy. The banks are using IT systems to reduce costsand increase efficiency; in order for this strategy to work, the banks have to know their business strategyfirst. The CRM systems deployed will have little return on investment if the banks are not using theinformation and reports produced using these systems. Banks like Barclays are using BI tools to gatherbetter information and use this to tailor their products (King, Barclays SAS system used to improveconsumption forecasting, 2012).Service ModelFor the banks to operate efficiently, they need to change their infrastructure according to the businessstrategy. Barclays, for example, decided to put their head of CRM in charge of retail banking (Parsons,2010). For the banks to achieve operational excellence, they need to work towards building a structurethat understands how the IT and IS work together. The organization needs to make optimum usage ofthe technology provided to stabilize.
  23. 23. Manan Kakkar 22IST 755 Project 1 Assignment 2BibliographyArthur, C. (2012, February 16). Apple tops the UK in smartphone sales. Retrieved March 25, 2012, from The Guardian: http://www.guardian.co.uk/technology/2012/feb/16/apple-tops-uk-in- smartphone-salesBank of England. (2011). Credit Conditions Survey. Bank of England.Batiz-Lazo, B., & Wardley, P. (2007). Banking on change: information systems and technologies in UK high street banking, 1919–1969. University of Leicester and University of the West of England. Financial History Review.British Telecommunications. (n.d.). Post Merger Network Risk. British Telecommunications.Business Insights. (2008). The Top Ten Global Retail Banks. Business insights.CIA. (n.d.). The World Factbook. Retrieved March 25, 2012, from Central Intelligence Agency: https://www.cia.gov/library/publications/the-world-factbook/geos/uk.htmlComputerWeekly. (2010, October 20). Barclays hit by insider computer fraud, says IT security chief. Retrieved march 25, 2012, from Computer Weekly: http://www.computerweekly.com/news/1280094127/Barclays-hit-by-insider-computer-fraud- says-IT-security-chiefcomScore. (2008, April 28). One Out of Three U.K. Internet Users Banked Online in January 2008. Retrieved March 25, 2012, from comScore: http://www.comscore.com/Press_Events/Press_Releases/2008/04/UK_Online_BankingcomScore. (2012, February 17). The Rise of Mobile Banking in the UK. Retrieved March 25, 2012, from comScore Data Mine: http://www.comscoredatamine.com/2012/02/the-rise-of-mobile- banking-in-the-uk/Datamonitor. (2009). Commercial Banking in the United Kingdom. Datamonitor.Douglas, J. (2012, January 5). U.K. Banks Cautious on Credit Conditions. Retrieved March 25, 2012, from The Wall Street Journal: http://online.wsj.com/article/SB10001424052970203513604577142130341180876.htmlEspiner, T. (2011, November 4). HSBC UK server issue causes outage. Retrieved March 25, 2012, from ZDNet: http://www.zdnet.co.uk/blogs/security-bulletin-10000166/hsbc-uk-server-issue-causes- outage-10024729/?Henderson, J. C., & Venkatraman, N. (1999). Strategic alignment: Leveraging information technology for transforming organizations. IBM Systems Journal.IBM Global Business Services. (n.d.). The future of Internet banking for business.
  24. 24. Manan Kakkar 23IST 755 Project 1 Assignment 2Job, A. (2006, January 11). PIMMS anyone? Retrieved March 25, 2012, from ei Magazine: http://www.eimagazine.com/xq/asp/sid.0/articleid.0149A908-F7BC-443D-8F28- 3D77CBA1F7A8/qx/display.htmJunod, T. (2009, September 9). The Deal of the Century. Retrieved March 25, 2012, from Esquire: http://www.esquire.com/features/barclays-deal-of-the-century-1009King, L. (2009, May 12). Barclays to lay off 700 UK IT staff by end of year. Retrieved March 25, 2012, from Computerworld UK: http://www.computerworlduk.com/news/careers/14729/barclays-to- lay-off-700-uk-it-staff-by-end-of-year/King, L. (2009, April 7). Royal Bank of Scotland cuts 9,000 back office jobs. Retrieved March 25, 2012, from Computerworld UK: http://www.computerworlduk.com/news/careers/14209/royal-bank- of-scotland-cuts-9000-back-office-jobs/King, L. (2009, October 5). Royal Bank of Scotland to spend £6bn on IT. Retrieved March 25, 2012, from Computerworld UK: http://www.computerworlduk.com/news/it-business/16917/royal-bank-of- scotland-to-spend-6bn-on-it/King, L. (2010, January 12). Barclays drops £400m Accenture deal. Retrieved March 25, 2012, from Computerworld UK: http://www.computerworlduk.com/news/outsourcing/18267/barclays- drops-400m-accenture-deal/King, L. (2011, August 5). Lloyds Banking Group lines up huge HBOS system switch. Retrieved March 25, 2012, from Computerworld: http://computerworld.co.nz/news.nsf/telecommunications/lloyds- banking-group-lines-up-huge-hbos-system-switchKing, L. (2011, December 12). Royal Bank of Scotland did not have right risk measurement IT systems, says FSA. Retrieved March 25, 2012, from Computerworld UK: http://www.computerworlduk.com/news/it-business/3324445/royal-bank-of-scotland-did-not- have-right-risk-measurement-it-systems-says-fsa/King, L. (2012, June 22). Barclays SAS system used to improve consumption forecasting. Retrieved March 25, 2012, from CIO: http://www.cio.co.uk/news/3227781/barclays-sas-system-used-to-improve- consumption-forecasting/Kirk, J. (2011, March 9). UK Banks Report Lower Online Banking and Card Payment Losses. Retrieved March 25, 2012, from CIO: http://www.cio.com/article/675480/UK_Banks_Report_Lower_Online_Banking_and_Card_Pay ment_LossesLesova, P. (2012, march 23). Watchdog tells British banks to raise capital. Retrieved March 25, 2012, from Market Watch: http://www.marketwatch.com/story/watchdog-tells-british-banks-to-raise- capital-2012-03-23
  25. 25. Manan Kakkar 24IST 755 Project 1 Assignment 2Llyods Banking Group. (2011). Annual Report and Accounts 2011. Lloyds Banking Group.London Exchange. (n.d.). Barclays PLC. Retrieved March 25, 2012, from Bloomberg: http://www.bloomberg.com/quote/BARC:LNLondon Exchange. (n.d.). HSBC Holdings PLC. Retrieved march 25, 2012, from Bloomberg: http://www.bloomberg.com/quote/HSBA:LNLondon Exchange. (n.d.). Lloyds Banking Group PLC. Retrieved March 25, 2012, from Bloomberg: http://www.bloomberg.com/quote/LLOY:LNLondon Exchange. (n.d.). Royal Bank of Scotland Group PLC. Retrieved March 25, 2012, from Bloomberg: http://www.bloomberg.com/quote/RBS:LNLondon Exchange. (n.d.). Standard Chartered PLC. Retrieved March 25, 2012, from Bloomberg: http://www.bloomberg.com/quote/STAN:LNNgai, E. (2005). Customer relationship management research (1992-2002): An academic literature review and classification. Marketing Intelligence & Planning.Nguyen, A. (2011, June 30). Lloyds cuts over 7,000 suppliers and slashes back office. Retrieved March 25, 2012, from Computerworld UK: http://www.computerworlduk.com/news/it- business/3288870/lloyds-cuts-over-7000-suppliers-and-slashes-back-office/Nielsen. (2011, September 29). More UK Consumers Choose Android Smartphones, But Many Still Covet The iPhone. Retrieved March 25, 2012, from Nielsen: http://nielsen.com/uk/en/insights/press- room/2011-news/more-uk-consumers-choose-android-smartphones--but-many-still-cov.htmlOffice of Fair Trading. (2010). Review of barriers to entry, expansion and exit in retail banking. Office of Fair Trading.Parsons, R. (2010, May 6). Barclays picks head of CRM for retail banking arm. Retrieved March 25, 2012, from MarketingWeek: http://www.marketingweek.co.uk/barclays-picks-head-of-crm-for-retail- banking-arm/3013089.articleRyals, L. (n.d.). Creating Value Through Customers. Cranfiled School of Management.Shaoul, J. (2009, Novermber 9). British government mounts world’s largest bank bailout. Retrieved March 25, 2012, from World Socialist Web Site: http://www.wsws.org/articles/2009/nov2009/scot-n09.shtmlStacey, K. (2012, March 18). Banks told to lend more to ethnic minorities. Retrieved March 25, 2012, from Financial Times: http://www.ft.com/cms/s/0/f0a2852c-6ed2-11e1-b1b2- 00144feab49a.html#axzz1qCrbQPeCSynovate. (n.d.). Value chain strategies helping banks regionlise. Retrieved March 25, 2012, from Synovate:
  26. 26. Manan Kakkar 25IST 755 Project 1 Assignment 2 http://www.synovate.com/businessconsulting/insights/whitepaper/docs/Value%20Chain%20Str ategies%20Helping%20Banks%20Regionalise%20%20(Asian%20Banking%20and%20Finance)%2 0-%20Calvin.pdfThe Treasury Committee. (2011, April 02). Committee publishes findings on competition and choice in banking sector. Retrieved March 25, 2012, from www.parliament.uk: http://www.parliament.uk/business/committees/committees-a-z/commons-select/treasury- committee/news/competition-and-choice-report/The UK Cards Association. (2011). Card Expenditure Statistics [CES] -- December 2011. The UK Cards Association.TheCityUK. (2011). Key Facts About UK Financial and Professional Services. The CityUK Research.Thomas, D. (2005, August 9). RBS sets up online system to spread HR best practice. Retrieved March 25, 2012, from Personnel Today: http://www.personneltoday.com/articles/2005/08/09/31090/rbs- sets-up-online-system-to-spread-hr-best-practice.htmlWorld Bank. (2012, March 9). Google Public Data Explorer. Retrieved March 25, 2012, from Google: http://www.google.com/publicdata/explore?ds=d5bncppjof8f9_&met_y=sp_pop_totl&idim=co untry:GBR&dl=en&hl=en&q=uk+population#!ctype=c&strail=false&bcs=d&nselm=s&met_y=sp_ pop_totl&scale_y=lin&ind_y=false&idim=country:GBR&ifdim=country:region:ECA&pit=1269576 00

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