Tesco Personal Finance to offer online banking
Thursday 04 November 1999
Ian Clink, the chief executive, said customers will initially be able to check account balances and transfer money over the Internet. However, he expects the service to be extended to cover a wider range of products soon.
Mr Clink said the venture's link with Tesco gave it access to new customers at a lower cost than competitors who need to spend millions of pounds on subsidising rates and promoting their brands through advertising and direct mail.
The number of customers visiting Tesco's website each week has risen from 55,000 to 78,000 in the past few months. The company said its Internet- loans offer is one of the most popular pages on its website.
"We are not starting anything new. There are no large bills attached," Mr Clink said.
"Tesco has the clear ambition to be the number one Internet retailer in the world. You will see Tesco becoming a major player in the Internet and we will be part of that."
Tesco Personal Finance boasts more than 1 million customers at present, 350,000 of them with savings accounts. It aims is to raise that to 3 million customers in the next few years.
Tesco's move into banking had a huge impact when it was announced two years ago. But it is now the new entrants - led by Prudential with its direct banking brand Egg - which are creating the biggest splash.
Mr Clink said that unlike Egg and its imitators, which are losing large amounts of money, Tesco is not in the business of offering unsustainable rates as bait to hook in customers but is actually now in profit.
"We are one of the few institutions to have increased not just the number of customers but the size of their balances, despite the likes of Egg," Mr Clink said.
- 1 Reyhaneh Jabbari: Iran due to execute woman for murder of her alleged attempted rapist
- 2 Expert urges cat lovers to own just one animal each
- 3 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
- 4 The Simpsons death: Creator Al Jean would 'kill himself' before character like Homer or Lisa
- 5 British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
The Aral Sea: Nasa pictures show how what was once the fourth largest lake in the world has become almost completely dry
British man raped while urinating in bushes at Oktoberfest beer festival in Germany
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
'Women, walk wherever you want' posters taken down in Stamford Hill following 'unacceptable' signs separating men and women
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Mark Reckless becomes second Tory MP to defect to Ukip in a month
Should gay sex be illegal? 16% of Britons think so
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...