Tesco moves closer to full banking service
December 23, 2009
Over recent years many of the UK’s major supermarkets have started offering far more than just household goods and groceries, with everything from mobile phones and electricals to insurance services and credit cards now available from some major supermarkets.
However, one supermarket is now aiming to set itself up as a rival to major banks such as Barclay’s, Lloyds TSB, and the like, by offering a full banking service, which means even greater choice for consumers.
Many people are certain that with the unrest that is currently choking the traditional banking system the supermarket giant is likely to very well with a full banking service, as it is already a household name. Tesco is already putting processes into place and hopes to start offering proper banking services from 2011. In the meantime the supermarket has said that people will need to be patient, as it will take time to get everything set up and sort out the finer details of the new Tesco Bank.
In addition to offering the insurance services and credit cards that are already available from the supermarket, Tesco will also be offering current accounts, mortgages, loans, and all other banking services that are usually to be found with a full service High Street bank.
The supermarket plans to start the banking service with its most loyal customers, which are its fifteen million clubcard holders. It is already testing bank branches in some of its stores, and believes that the banking service will prove to be a great success when it is fully up and running.
Tesco has already signed up the software developer Fiserv to provide the technology for its newer services, and this puts it one step closer to becoming a full service bank that many customers will have trust in.
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