Magazine article Marketing

Tesco Aims to Fill 'Trust Gap' in Personal Finance

Magazine article Marketing

Tesco Aims to Fill 'Trust Gap' in Personal Finance

Article excerpt

Tesco is ramping up its efforts in the personal finance sector, leading industry experts to predict that the UK's biggest multiple will profit from dwindling trust in traditional banks and financial-service providers.

As the banking sector comes to terms with the nationalisation of its leading players, Tesco's financial director, Andrew Higginson, said that it is looking to enter the mortgage and current account sectors.

'The opportunities are probably bigger now than when we first announced the (RBS) deal in July. Customers are looking for a service they can trust, and somewhere it's safe to put their money. I think there are lots of opportunities as a challenger brand,' he added.

Tim Newhouse, banking analyst at comparison website Moneysupermarket.com, agrees that Tesco is in a good position to take on the more established financial-services brands. 'Tesco is well-placed to take market share from bigger brands, even if it will never be the market leader,' he said. …

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