Tesco Bank selects Fiserv to provide core technology platform

Tesco Bank selects Fiserv to provide core technology platform

Aspiring supermarket bank Tesco has selected Fiserv to provide the core technology platform for its push into the UK's retail financial services arena.

Tesco Bank is the UK's largest supermarket bank, with over six million customers and 28 financial products and services.

The supermarket rebranded its personal finance unit to Tesco Bank in October and has laid out plans to extend the business from a collection of disparate products to that of a full-service retail bank.

The retail chain has been aggressively hiring new staff and implementing new technology as it bids to take on the UK's traditional high street banks.

In a presentation to analysts, the group said its retail banking operations would initially target the 15 million members of its Clubcard loyalty scheme. Just 10% of Clubcard holders have a Tesco credit card, while only 4.2% have Tesco car insurance and 2.2% a Tesco savings product.

The retailer says the Fiserv Signature Bank platform will provide the foundation for account information and banking transactions for customers.

Fiserv was selected following a long search due to its ability to deliver an end-to-end product with a track record of successful implementation in markets around the world, says Tesco.

John Bower, managing director, Europe, bank solutions, Fiserv comments: "Tesco has a history of bringing innovation to the markets it serves. Fiserv will focus its expertise to help Tesco transform several business processes, creating a best-in-class customer experience in financial services."

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