03 December 2014
Tesco Bank: How are we different?
Background:In June 2014, Tesco Bank finally launched its long-awaited current account, having previously been primarily a loans and savings business. The bank – once a joint venture with Royal Bank of Scotland but now a fully Tesco-owned operation – thinks it has delivered what customers want from a current account: an interest-paying product, with simpler terms and conditions and lower overdraft charges.
Time will tell if that is what customers are looking for, but the fact that the next product the bank will launch is a basic current account for those who find it hard to get accepted by other banks, suggests that Tesco has big ambitions for a large-scale banking enterprise.
Certainly, Tesco Bank no longer feels like a plucky upstart. Last year its total turnover was just over £1 billion, generating £194 million in trading profits for its parent company. So where is the bank heading long-term and what is the vision for the future?
Benny Higgins, CEO, explain all in this special address to the Financial Services Club.
Benny Higgins, CEO, Tesco Bank
Benny has extensive experience within the financial services industry. During a career which started in 1983 at Standard Life, he has held senior positions within the worlds of investment management, retail and business banking. From being a Member of the Group Executive at Standard Life, Benny moved to RBS (in 1997) as Chief Executive of Retail Banking. He was with RBS until 2005. During this time he led the successful integration of NatWest Retail Banking – the largest single merger in UK banking for some time.
Before joining Tesco Bank, Benny served as Chief Executive Officer of the Retail Business of