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Innovation refers to introducing new changes in the products or services of a company to develop better solutions to meet new and unique requirements (Biemans, 2018). In other words, it is a process of uncovering different and unique ways to do same thing. For this report, Barclays PLC is taken for consideration which is one of the largest bank in United kingdom and headquartered is London. The main aim of this firm is to provide effective products and services to its clients in a diversified manner which ensures its resilience across the economic cycle. The company has recently undergone strategic restructuring in the period of 2017-18 and is currently focusing on profitability (Our strategy, 2018).
With the country experiencing drastic changes after the events of Brexit, Barclays too is expanding its existing subsidiaries like Barclays Bank Ireland (BBI) to effectively provide its offerings to its client after the anticipated departure of the UK from European Union in March 2019 (Preparing for Brexit, 2018). The future plans of the organisation beyond 2020 involves expansion in different locations, for instance, Dublin to accomplish its Irish operations and provide its banking and financial services to the clients in the country (Barclays reveals expansion plans for Dublin,&n