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Bluecygnet News and Events

Tesco know what you buy, now they will hold the money you spend!

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Posted 06 April 2010

Tesco has revealed it expects to gain a 10% share of Britain's financial services market, making it roughly as big as Abbey and more than half the size of Barclays.

The supermarket giant, which already sells insurance and some savings products, plans to launch mortgage deals by the end of this year, with a current account to follow in 2011.
Senior executives have never before put down a marker for the group's financial services ambitions.

Tesco has about 20 million shoppers each week and plans to capitalize on public disappointment in traditional banks. “We might be a bit bigger than 10% in some areas and a bit smaller in others, but that is roughly where we expect to end up”, said a top Tesco source.

Though the company plans to build its financial services presence largely by exploiting demand from its 15 million Clubcard holders, it has about 20 million shoppers each week and expects to pick up business from those who have lost faith in traditional banks.

Bluecygnet’s comment; “As we support small and medium sized businesses this information about a large supermarket chain eyeing customers for financial services is completing the circle of exerting control over their customers. Yet another business sector has to die or give way to the anti high street giant”.

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