20 January 2017
visit http://www.wolterskluwerfs.com

Tesco ready for banking switch

14 June 2011  |  11313 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  |  10131 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  |  7317 views  |  0 comments
Tesco mortgage plans delayed by tougher FSA checks

Tesco mortgage plans delayed by tougher FSA checks

04 October 2010  |  7261 views  |  1 comments
Tesco Bank goes online in search of staff

Tesco Bank goes online in search of staff

05 February 2010  |  10819 views  |  0 comments
Tesco Bank selects Fiserv to provide core technology platform

Tesco Bank selects Fiserv to provide core technology platform

20 November 2009  |  16322 views  |  0 comments
Tesco Bank creates 1000 customer service jobs

Tesco Bank creates 1000 customer service jobs

28 October 2009  |  9293 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  |  9800 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  |  13726 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit wavestone.co.ukhttp://www.financialcrimerisk.fiserv.com/aml?r=finextra

Who is commenting?

Top topics

Most viewed Most shared
Banks face big profit loss to digitisation - McKinseyBanks face big profit loss to digitisation...
15901 views comments | 89 tweets | 110 linkedin
Seven banks plan blockchain platform for SMEsSeven banks plan blockchain platform for S...
12676 views comments | 48 tweets | 44 linkedin
Accenture beats Brexit blues with largest-ever London startup programmeAccenture beats Brexit blues with largest-...
10954 views comments | 31 tweets | 20 linkedin
HSBC forms tech advisory boardHSBC forms tech advisory board
6324 views comments | 21 tweets | 23 linkedin
US fintech firms join forces to push data sharing via APIsUS fintech firms join forces to push data...
6238 views comments | 37 tweets | 38 linkedin

Featured job

to Six-Figure Base, Bonus, Benefits
London, UK

Find your next job