Magazine article Marketing

BT Plans Launch of Financial Services

Magazine article Marketing

BT Plans Launch of Financial Services

Article excerpt

BT is exploring a move into consumer financial services as it attempts to leverage its huge customer base and develop a broader range of commercial interests.

The telecoms giant is working on a number of ideas for using the BT brand to cross-sell financial services such as current accounts and loans. It has not set a timetable for the launch of the products, but it is understood plans will move forward once the demerger of BT's mobile phone business takes place.

The financial services products will be marketed under the BT Retail division, headed by managing director Angus Porter, a former Mars marketer.

In its listing of particulars issued last week ahead of the November demerger, BT hinted at its aspirations to "develop new business opportunities in adjacent markets".

Other extensions understood to be under consideration include utilities, which would allow BT to take advantage of its huge customer reach. BT supplies around 28 million business and residential customer lines, covering 83% of the UK market. …

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