Closer view needed

I'll go with Ficus benjamina until we get a close up.

is there anything I can do for peeling bark

Probably sun-scald; in the future, new plants could be wrapped with a paper cover to keep the bark cooler. Nothing needed on the damaged areas; the plant will eventually heal over the naked areas.

Also could be that it's planted too deep. I can definitely see that from the first picture. That can cause the bark to start peeling. dig out the base of the trunk until you reach the root flare. Those are the large roots that flare out from the trunk. Any trunk material above that should not be underground. If you see fine roots coming out of the side of the trunk, they are aventitious roots which are abnormal roots growing out of the trunk because it's buried too deep. Keep digging down until the large roots at the base of the trunk are flaring out. Expose those in the area closest to the trunk. You might have to go down 6" or more. Lots of times trees are planted too deep by the nursery. I think once you expose the root flare and leave it exposed, the trunk should stop peeling, and the peeled areas will eventually heal over.