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Tesco are moving into Banking and this can only be great news for the Banking sector and customers. The word trust has been lost with existing banks and by introducing a trusted brand like Tesco into the market the sector can start rebuilding.
It will not be plain sailing for Tesco but they surely go with the good will of everybody. The shake up that Tesco will give the banks should sober them up and get their in a more customer service frame of mind. Long over due
I expect Tesco to not stay in their current focus and quickly move into other areas of retail finance. They will surely learn from the bussiness and technology deficiences of retail banks and build a top quality service structure that utilises the best people with the best systems.
How will retail banks react to the new challenge? Lets hope its positive and they take up the challenge.
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Ellison Anne Williams CEO at Enveil
30 October
Vinothkumar Kolluru Senior Data Scientist at Fractal Analytics
Damien Dugauquier Co-Founder & CEO at iPiD
Kyrylo Reitor Chief Marketing Officer at International Fintech Business
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