Tesco Bank began life in 1997 as Tesco Personal Finance, a joint venture between Tesco plc and Royal Bank of Scotland plc. In 2008, Tesco bought out RBS’s share of the business and introduced the new name, Tesco Bank. Today, Tesco Bank is a wholly-owned subsidiary of Tesco.
Tesco Bank is part of the wider Tesco Group, and follow the standards defined in the Tesco core purpose and values. Their core purpose is a clear and simple statement of what they do and what they stand for: to serve Britain's shoppers a little better every day.
So, in practical terms, how do they do this? For a start, they listen to their customers and then deliver on what they really want when it comes to banking. Ease, value, trust – these are the things that customers want, and so these are the hallmarks of all the products that they offer.
All of their products and services are available online, on your mobile and over the phone. Most of their customers enjoy the convenience of buying and servicing their accounts online, and their call centres in Glasgow, Edinburgh and Newcastle are open seven days a week. Colleagues are encouraged to listen to customers and serve their needs and as a result they are not set individual sales targets and do not receive sales based incentives.
Tesco Bank also believes in the importance of rewarding loyalty when customers choose to buy or use their products, and they do this by offering Clubcard points to customers on almost all of their spending.
Today, they pride themselves on their range of simple and convenient retail banking and insurance products designed specifically to meet the needs of Tesco customers. They believe that every little help makes a big difference, and by putting the customer first and rewarding their loyalty, they offer something they believe every bank should.
Edinburgh Office: 22 Haymarket Yards, Edinburgh, EH12 5BH