Access to financial and digital empowerment

Access to financial & digital empowerment

Enhancing access for millions

Our commitment:

Enhance financial and digital empowerment for millions of individuals and small businesses.

Inclusive financial systems are crucial to achieving economic and societal progress. Empowering customers and communities to overcome barriers to access such as, lack of or impaired credit history, low income, low financial literacy and physical factors such as disability, or an inability to access digital services is crucial for both society and our business’ success.

Society is facing a digital revolution which is rapidly changing the way we interact with each other – both as consumers and businesses. No individual or business will be untouched by these changes. For those who recognise the need to take advantage of this new world it is straightforward, but for others it can be bewildering. Barclays is on a mission to help customers and non-customers to embrace the new digital revolution, through support and education – whatever their age. We will help people move forward.

We will improve access to financial services, including developing targeted products and services for individuals and small businesses. We will also provide digital skills tools and support, as well as the right money management support, prompts and tools to help empower our customers and communities.

In numbers

49-64% of householders in the UK hold some form of unsecured credit

Source: Wealth and Assets Survey in Rowlingson, K. & McKay, S., 2014. Financial Inclusion: Annual monitoring report 2014, Birmingham: University of Birmingham.; YouGov poll in BIS, 2010. Over-indebtedness in Britain: second follow-up report, London: Department for Business, Innovation and Skills; NMG survey in Bank of England, 2013. The Financial Position of British Households: Evidence from the 2013 NMG Consulting survey, London: Bank of England.

45 million people have no credit score and cannot access mainstream credit in the US

Source: Consumer Financial Protection Bureau (US) – Credit Invisibles, May 2015

1.7 billion people globally own mobile phones but don’t have access to financial services

Source: World Bank

Further information