In 2010, an internal review of Barclays’ corporate citizenship program clarified the company’s ambition to more pro-actively identify and deliver positive social impact through its core business offerings and activities. In 2012, Barclays, the world’s seventh largest banking and financial services company, established the £25 million Social Innovation Facility (SIF). The SIF is governed by a committee of senior executives from across the bank’s business units and markets. It is developing a portfolio of social impact investments that establish new financial products and banking relationships with global companies as well as start ups.
The Next Practice has consulted to Barclays on the SIF’s design, investment strategy, and business and innovation processes since 2010. Specifically, TNP has consulted widely with internal and external stakeholders to propose SIF investment offerings, focus areas, and portfolio management approach. We have co-developed a bespoke innovation project approach and methods, and our two market pilots have resulted in proposals for new products. We continue to advise the new Vice President, Social Innovation on SIF’s further portfolio development.
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