A post relating to this item from Finextra:
28 October 2009 | 9589 views | 0
The banking arm of UK retailer Tesco is creating 1000 jobs in Newcastle with the opening of a new customer services centre.
Tesco are moving into Banking and this can only be great news for the Banking sector and customers. The word trust has been lost with existing banks and by introducing a trusted brand like Tesco into the market the sector can start rebuilding.
It will not be plain sailing for Tesco but they surely go with the good will of everybody. The shake up that Tesco will give the banks should sober them up and get their in a more customer service frame of mind. Long over due
I expect Tesco to not stay in their current focus and quickly move into other areas of retail finance. They will surely learn from the bussiness and technology deficiences of retail banks and build a top quality service structure that utilises the best people
with the best systems.
How will retail banks react to the new challenge? Lets hope its positive and they take up the challenge.