Amid today’s climate of downsizing and bankruptcies, a wave of new businesses being launched makes a refreshing change from all the doom and gloom! According to the article “Glasgow set the standard as Tesco set to open 30 banks” the supermarket giant Tesco are set to reverse the job loss situation in the UK’s financial services sector. Well done, Tesco!
At a time when the general public are becoming disillusioned with banks, Tesco are hoping to attract customers with their excellent reputation as a popular and familiar family brand. Plans to open thirty banking establishments across the nation began with the launch of the very first branch within its Glasgow superstore. Following on from its pilot branch a further twenty-nine branches are set to be up and running before 2010, beginning with Coventry, Blackpool, Bristol and Brislington.
Following on from the success of Tesco financial services, it is only a matter of time before the range of services expands. Many of us already in possession of Tesco brand home insurance, pet insurance, credit cards and more will be able to take advantage of the full banking package at the leading supermarket. Plans to expand are running on full throttle as once these designated Tesco banking branches are up and running, we will then be able to apply for a Tesco current account within a short sharp eighteen months. In addition to the more familiar products of insurance and credit cards, the store’s plans include much more including mortgages.
Offering a service that is traditional and conservative, it is hoped that customers will enjoy Tesco banking’s somewhat old fashioned approach. In their efforts to provide a banking service that supports customer loyalty, Tesco have reported an increase by a hundred percent of money deposited with them in the last six months. Five hundred thousand customers now bank with Tesco thanks to a recent drive in conjunction with RBS. Ever since going it alone having bought out the banking giant in July 2008, the sales figures speak for themselves. Saving accounts opened in one month alone (last December to be precise) equalled those achieved in a whole year (2007). With this in mind, it seems Tesco can rest assured they are giving customers what they want and providing a better service.
Finally, more good news was recently announced, that Tesco aim to recruit around two hundred employees to operate its financial services headquarters in Edinburgh.