Barclays : “Get the culture right and everything else works”

Thinking 'new to big'

Ashok: As you write in your book, growth through innovation has to be about addressing your customer's problem, rather than solving your own problem. In Barclays' case, we've kept changing and we'll continue to change. And right now, the change is all about the adoption of technology. What's not changed is our focus on the customer - getting it right for the customer, and meeting their needs in an increasingly sophisticated way.

David: One big lesson I've found from working with big organisations is that a technology solution in search of a customer problem is a fatal approach. 90% of the investments corporates make are about fixing themselves and have nothing to do with the customer problem. One thing I've learned as an angel investor is you never invest in an entrepreneur who loves their idea - only in people obsessed with a problem.

Ashok: Exactly. You have to listen to what your customers are saying! Listen, listen, listen. Every time we've done something where the journey has been fantastic, the customer has taken it up without us even needing to market it. Every time the customer doesn't take it up, we know there is something we've done wrong and, as a team, we need to regroup and rethink the journey.

David: Yes, and there are multiple ways of focusing on tackling whatever customer problem might present itself. An internal business unit may need to show results in the next 12-18 months, while a disruptive group from outside, like an innovation accelerator or startup partner, may be working with a completely different set of permissions. The key is to solve the problem in both the short and long term.

Ashok Vaswani says it's vital for colleagues at companies to have 'frank and honest conversations'.

We explore fintech innovations early on so that we can help to shape their development and together create the future of financial services.

Ashok Vaswani

CEO Consumer Banking and Payments, Barclays

Ashok: I agree - we all have to think about disruption and the ability to move at speed. At the same time, an organisation like ours carries all the controls, responsibility and public trust of a highly regulated business. So, you have to start by recognising that you can't do everything in-house. You have to work out the areas you'll own and be responsible for, and where it's better to partner with someone else.

Working with emerging technology brands and innovators through initiatives like Rise, Barclays' global fintech platform, helps us identify opportunities and trends in the wider commercial and digital landscape, so that we're set for the future. We explore fintech innovations early on so that we can help to shape their development and together create the future of financial services.

What we provide is scale, which every startup would like to have. And we know about all the challenges of dealing with regulators, society, public opinion - we know about the growing pains.