The Barclays Open Innovation event saw more than 300 entrepreneurs and start-up firms come together to help define what the industry will look like in years to come.
Those attending were tasked with finding solutions to four key technology-driven challenges that Barclays faces in its drive to become the ‘Go-To’ bank.
Entrepreneurs had the opportunity to then pitch their ideas to senior leaders from Barclays Operations and Technology team, with a chance to ultimately win a contract with Barclays so they can develop their product or service further.
The first of the challenges was focussed on Customer Innovation, and how Barclays identifies the next big thing in banking so it can stay at the forefront of innovative banking solutions.
The next key challenge was Information Architecture, and ways in which Barclays can develop its systems to meet on-going demand, including for example, how a group-wide cloud computing system could be implemented at Barclays.
Entrepreneurs were also asked for innovative solutions for Data Management with a particular focus on systems that could be used across all of Barclays’ businesses.
Thirdly, there was a specific challenge around how Barclays can use its business data to create a developer ecosystem that utilises Application Programme Interface (API) sharing.
Lastly, those attending were offered the opportunity to pitch ideas on anything they wanted, with the only condition being that their solution, product or service would help to transform Barclays and deliver better service or solutions for our customers and clients.
As well as pitching and networking with other entrepreneurs, the innovation day also gave participants the chance to take part in masterclasses on topics including how to scale up their business, and the importance of story-telling when pitching their ideas. They were also able to discuss their business proposals with some of the technology industry’s best known accelerator and design firms, such as Seedcamp, Method and IDEO.
Barclays Chief Design Officer, Derek White, said: “We realise that in order to become the ‘Go-To’ bank, Barclays needs to plug into the entrepreneurial network, to work with the most innovative companies offering the most innovative products and services on the market today.
“The learning cycle of entrepreneurs and start-ups is so much faster than it is in big business. And it’s that speed, coupled with the approach to solution finding that these companies take, which will ensure that through partnering with them, and helping them grow, Barclays can stay at the forefront of innovation in the financial services sector.”