With the reputation of high street banks in the gutter, Brits are open to the idea of switching their allegiance to potential rivals, such as John Lewis and Amazon, from outside the industry.
In its latest foray into banking, supermarket giant Tesco has begun offering mortgages, letting customers earn loyalty points on repayments.
Tesco Bank sales dipped by 3.7% for the first quarter 2012 as the high street retailer diverted resources to completing its migration to a new technology platform.
Only one traditional financial services player has made it into the UK's top four rated credit card brands, with retailers dominating a list from Auriemma Consulting Group (ACG).
Tesco Bank has put back the introduction of its current account service until next year, citing the planned industry-wide account-switching system for the delay.
UK retailer Tesco is to delay its push into the full-service banking market for fear of repeating the technical mishaps that locked out customers during the summer switch to a new banking platform.
UK supermarket bank Tesco is to offer customers the option of using its own brand price comparison service to rate home and insurance quotes served up by the retailer's online banking portal against competitor offerings.
Days after claiming to have fixed the problem, Tesco Bank is still being affected by a computer glitch that is preventing some savings customers from accessing their accounts online.
UK retailer Tesco says it is in the final stages of introducing its own systems and infrastructure for its fully-fledged banking operation, with savings and loans products now available to new customers
Tesco, the UK's largest retailer, has become the latest business to renew its commercial partnership with WorldPay, the UK's leading payments acquirer.
© Finextra Research 2013