Tesco wanted to create a full-fledged retail bank with the purpose of providing its customers transparent, simple and cost-effective banking services, as well as loyalty incentives. It needed a technology partner that could help fulfill the vision of Tesco Bank.
Tesco Bank chose Fiserv for its ability to deliver an end-to-end product with a track record of successful implementation in markets around the world. By implementing Signature core banking platform and several support solutions, Tesco was able to launch a fully integrated retail bank that supports multiple channels and financial services products.
Since Tesco took full ownership in 2008 the bank has added 1.6 million customer accounts, launched a range of new products including mortgages and loans, grown deposits by 107 percent and increased customer lending by 95 percent. Customers are now able to conduct a myriad of banking transactions online in a fraction of the time, and the bank has the technology it needs to continue to grow.