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Tesco looks to shake up the financial market

In a barbed attack on the UK financial system, the boss of Tesco bank has today suggested that many consumers would look towards alternative financial arrangements due to the reputation of the major high street UK banks over the last few months. Whether this is true or not is open to debate, but the fact is that Tesco bank and other "alternative providers" will be looking to make hay while the sun shines and steal the glory of the UK banking sector.

It is in many ways ironic that Tesco is commenting upon the reputation of UK banks when this is a company which has long been criticised for allegedly crushing local competition and putting many smaller operators out of business. The truth is that Tesco is looking to move into the financial markets in a big way and recently tied up a new insurance venture with a new insurance partner. While Tesco bank has not exactly set the world alight as yet, it has exposure to a massive array of potential new customers, i.e. Tesco shoppers, and will no doubt make use of this prestige position in the medium to longer term.

However, where UK banking customers will move away from the high street purely and simply because of events over the last few months is highly debatable. In the world of personal finance, rates are what counts and with more and more people banking online there are more and more lucrative offers available - which should improve further when competition returns to the banking arena.

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