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Tesco Personal Finance has lift off!

October 8, 2008 Dean van Leeuwen Connection Economy, Future Trends, General, Recession solutions No Comments

Tesco Personal Finance (TPF) was launched 11 years ago as a joint venture with RBS. They have been slowly but surely making in-roads into the financial sector, and this month Tesco plans to take full ownership of the business. This is interesting timing given the current financial crisis and even more interestingly, Tesco has big plans for TPF. Now with over 5.6 million customers TPF has it’s eye on the mortgage market. Bouyed by its half year profit results Tesco has the resources and the appetite to grow its banking operation, but perhaps it has even a greater asset in its arsenal, strong consumer goodwill and support.

While banks have focused their attention narrowly on bottom line profit and large city bonuses, Tesco has been focusing on connecting with its staff and customers and massive profits have followed. In 2007 Tesco embarked on a training course to help staff connect with people from different generations; and they are well known for championing the consumer. This is not just lip service but something that Tesco staff from junior to senior management live and breathe

So as the market forces and consumer anger forces banks to rethink their attitudes and behaviour, and the market forces reshape banking as we know it, keep a watchful eye on Tesco Personal Finance they could well be using this crisis as the catalyst and launching pad they need to redefine the future of banking into business that truly connects with customers values.

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