(24 November 2009 – UK) The UK’s largest supermarket bank, Tesco Bank, has selected Fiserv and its Signature banking platform to provide the bank’s core banking solutions.The bank, which has over six million customers and 28 financial products and services, is in the process of migrating its banking products onto a number of new banking platforms.
Tesco Bank has set the ambitious goal to extend its financial services business from a selection of products to that of a full service retail bank; and has selected Fiserv to provide the banking platform because of the company’s ability to deliver an end-to-end product and track record of the implementation of its products in markets around the world.
The retailer said that the Fiserv Signature Bank platform will provide the foundation for its account information and banking transaction customers.
In a presentation to analysts, the group said its retail banking operations would initially target the 15 million members of its Clubcard loyalty scheme.
Only 10 percent of Clubcard holders have a Tesco credit card, while just 4.2 percent have Tesco car insurance and 2.2 percent a Tesco savings product.
John Bower, managing director, Europe, bank solutions, Fiserv, said that 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.