Barclays is a British bank that traces its origins back to the 1690s. Through the centuries, Barclays has kept pace with the changing nature of finance, from the issuance of promissory notes and bills of exchange to a modern mobile app that allows customers to manage their money with a few taps.
The total assets of Barclays Bank dropped overall with the appearance of financial technology companies on the market. However, the historical switch to digital transformation helped Barclays survive and increase its assets to £1.38 trillion despite an overall decline. The Barclays case illustrates how traditional banks can modernize their infrastructure and successfully compete with fintech companies and neobanks.
Barclays App Review
Barclays offers different apps for different purposes: one for credit and debit cardholders, one for business accounts, and one for managing investments. In this Barclays review, we will focus on the first one since they are more relevant to our subject.
Barclays mobile app (Google Play)
Category: Finance
Released: April 15, 2015
Current version: 2.76.0
Latest update: 12 Apr 2023
Downloads: Over 10 million
Rating: 4.5 out of 5 stars
The latest updates addressed bugs and improved the functionality of the app.
Onboarding
Barclay’s official website recommends opening an account at a local branch, although it is possible to open a current account online. As soon as the app is downloaded, users can register with their existing Barclays account or sign up as a new customer. The process of applying for a Barclays account is pretty standard. Users must complete the application form, provide personal information, and verify their identity.
The bank thoroughly checks each application. This process is fast since Barclays uses artificial intelligence (AI) algorithms. If an individual fails Barclays’ credit check, they can’t access the account of their choice. Such a person will be offered a Basic Banking account instead. The Basic Banking plan doesn’t provide any extra benefits and rewards. Still, it gives banking access to those who don’t qualify for a regular current account due to financial difficulties or poor credit scores.
Services
As a well-established large bank, Barclays offers all types of banking products, from current accounts and overdrafts to mortgages and investment management. Therefore, it has various service bundles tailored to fit different needs and budgets. For example, with a standard current account plan, customers can:
- Access credits and overdrafts
- Use contactless mobile payment systems such as Google Pay/Apple Pay
- Withdraw cash for free at Barclays cash machines
- Get spending insights
- Use money management tools (for instance, setting daily spending limits)
- Participate in various reward programs
Customers who choose the Premiere plan receive additional benefits:
- Fee-free international payments
- Interest-free overdrafts up to £500
- Cash withdrawal limit extended up to £1000 per day
- Avios reward program
For businesses, Barclays provides several types of accounts depending on the company’s annual turnover. Two payment plans are available for each account type:
- Mixed Payments – for firms that use cash, cheques, and online banking to make and receive payments.
- e-Payments – for firms that mainly use online and mobile banking.
The services provided are very similar to those offered to individuals. However, services are tailored specifically for business, such as automatic checks and balances, ensuring accuracy and compliance with accounting standards.
Design & Usability
The Barclays app looks classy, with a clean and clear design. The navigation is intuitive. There are clear sign-up instructions, easy-to-tap buttons, and detailed analytics graphs. The Barclays app is on par with the leading neobank and fintech applications. Yet, it’s not flawless. Users complain about distracting in-app Barclays promotions, constant password requests, and numerous issues with the contactless payments feature.
Reliability & Security
Like all licensed UK banks, Barclays Bank participates in the Financial Services Compensation Scheme (FSCS). It’s a savings protection program that compensates customers (up to £85,000 per person) if a bank fails to meet its payment obligations. In addition, when customers make a payment via any Barclays app service, they’re automatically protected by the Barclays Online and Mobile Banking Guarantee. This means the bank will refund any money taken from a fraud victim’s account.
The app is also well-secured; it uses multifactor authentication, biometric identification, and artificial intelligence to deter fraud. Users can reset their PIN, lock, or temporarily freeze their cards with flexible in-app security controls. Plus, users need a personal 5-digit passcode for every log-in.
Support
Clients can reach out to the Barclays team through a 24/7 in-app chat, email, telephone, and official social media pages. Yet, Barclays customer support is described as “diabolic” despite many communication options. Many people complain that it takes them hours or even days to resolve any issue.
Our Verdict
We rate the app 4.5 stars out of 5. The bank has a long history of success and a solid reputation. It’s trustworthy, efficient, and secure. However, it lacks real-time payments and decent customer support.
What we like about Barclays:
- Solid company background
- Fee-free current accounts
- Free cash withdrawals at Barclays cash machines
- Fee-free international payments (with a Premiere plan)
- Interest-free overdrafts up to £500 (with a Premiere plan)
- Reward programs
- User-friendly app
- Money management tools
- Accounting tools (for business accounts)
What we dislike about Barclays:
- High fees for non-sterling payments
- No real-time payments
- Poor customer support
Why Barclays?
Having reviewed Barclays, we can confidently say that its clients benefit from its everlasting reliability and most innovative functionalities. The bank has stood the test of time and is stable, reliable, and secure. Even if Barclays doesn’t offer every cutting-edge feature like leading neobanks, it stays ahead of customers’ demands.
Value for customers:
At Barclays, one can open a free account, pay reasonable fees, and withdraw cash for free. Barclays remains a bank that provides all of the traditional services, from credit and mortgages to manager assistance at local branches. However, the bank has adopted most of the fintech innovations; customers can open and manage accounts online, pay reduced fees, use automatized asset management and in-app accounting tools, and so on.
Value for partnering businesses:
There is a portal where businesses of a certain size can apply for the Barclays Procurement Global Supplier Diversity & Inclusion program. Here are a few ideas on how companies can benefit the most from partnering with Barclays:
- Startups can offer innovative fintech solutions that would help the bank address customers’ ever-changing needs.
- Various companies, from airlines to supermarkets, can offer reward or discount programs to Barclay’s clientele via the app and promote their brand.
- Manufacturers, retailers, and service firms can increase sales by joining the Barclays marketplace.
