27 July 2016
Find out more

Tesco ready for banking switch

14 June 2011  |  11156 views  |  0 card reader

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 bank, the largest UK supermarket bank with 6.5 million customer accounts, went live on the Fiserv Signature platform in November.

In an interim management statement, the retailer says that most of its insurance and banking products have been migrated successfully to the new platform. New savings and loan products have also been introduced for new customers, with the migration of existing accounts "imminent".

"We're growing the number of customer accounts steadily and this will accelerate as we launch mortgages and other new products in the months ahead," says the statement.

In October last year, Tesco Bank inked a five year contract with customer management outsourcing firm Vertex to support a move into the mortgage market.

The introduction of mortgages is a central plank of Tesco's plans to extend its financial services business from a collection of disparate products to that of a full-service retail bank.

It had initially planned to start offering mortgages last year but has delayed the process, reportedly amid moves by the Financial Services Authority to tighten up rules in the wake of the credit crunch.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tesco and Game to sell Facebook Credits

Tesco and Game to sell Facebook Credits

18 November 2010  |  9931 views  |  0 comments
Tesco plans 200 Glasgow call centre jobs for new mortgage business

Tesco plans 200 Glasgow call centre jobs for new mortgage business

21 October 2010  |  7194 views  |  0 comments
Tesco mortgage plans delayed by tougher FSA checks

Tesco mortgage plans delayed by tougher FSA checks

04 October 2010  |  7092 views  |  1 comments
Tesco Bank goes online in search of staff

Tesco Bank goes online in search of staff

05 February 2010  |  10701 views  |  0 comments
Tesco Bank selects Fiserv to provide core technology platform

Tesco Bank selects Fiserv to provide core technology platform

20 November 2009  |  15934 views  |  0 comments
Tesco Bank creates 1000 customer service jobs

Tesco Bank creates 1000 customer service jobs

28 October 2009  |  9080 views  |  0 comments
Tesco Personal Finance to create 800 jobs at new Glasgow call centre

Tesco Personal Finance to create 800 jobs at new Glasgow call centre

20 August 2009  |  9662 views  |  0 comments
Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

Tesco wins approval for RBS buy-out; poaches Rowe to head marketing

19 December 2008  |  13587 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit www.abe-eba.eu

Top topics

Most viewed Most shared
satelliteContactless Bitcoin startup Plutus Tap &am...
9430 views comments | 9 tweets | 4 linkedin
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
9303 views 14 comments | 32 tweets | 38 linkedin
Apps crush internet for UK banking loginsApps crush internet for UK banking logins
8035 views comments | 19 tweets | 25 linkedin
hands typing furiouslyHow machine learning can cut costs on tran...
6004 views 0 | 9 tweets | 3 linkedin
Thomson Reuters and Imperial College form fintech and regtech research partnershipThomson Reuters and Imperial College form...
5991 views comments | 29 tweets | 16 linkedin

Featured job


Brussels (Belgium) or Paris (France)

Find your next job