Sainsbury's touts for deposits at the check-out
12 October 2004 | 5413 views | 0
Supermarket chain Sainsbury's has stepped up its challenge to the UK banking industry with the launch of a new debit card-based system for capturing customer deposits at the check-out.
SaveBack is based on bespoke technology, which was developed in conjunction with Accenture over a 12-month period, to enable people to transfer money electronically into a savings account whilst they shop, through the simple swipe of a debit card at supermarket checkouts.
The SaveBack technology is being rolled out on J Sainsbury’s EPOS (electronic point of sale) platform across 452 stores nationwide. On completion of transaction, customers will be given a deposit receipt and debit card confirmation of the amount they have transferred.
With almost half the nation’s household shopping budgets being spent at supermarkets, Sainsbury’s Bank believes SaveBack can play a significant role in expanding its deposit base. Research from the bank reveals that around 12 million people said they would use a service like SaveBack if it were available in their supermarket, potentially saving an extra £495 million a month or £5.94 billion a year.
Kevin Barrett, director of IT, Sainsbury’s Bank, says: "We see SaveBack as a major new initiative not just for the bank but for the financial services industry as a whole...The introduction of this innovative new technology into the store is further evidence of our commitment to develop and pioneer new products and services."