Tesco, Asda, and Marks and Spencers are examples of groceries enticing consumers with comprehensive financials services in the hopes to lure them away from the traditional banking sector.
A study conducted by consumer rights campaigners shows that 7 out of 10 people in Britain believe the banking sector has learned very little from the massive global credit crisis from five years ago, obviously showing a sentiment of disapproval towards this sector and setting the stage for supermarkets to step right in.
Asda for example has its own personal banking services called Asda Money. It offers consumers an unlimited cash back credit card, a one percent unlimited cash back on Asda shopping and Asda Fuel, in addition to a 0.5 percent unlimited cash back on shopping outside Asda.
Tesco already provides credit cards, personal loans, insurance and savings accounts, and is now planning to introduce mortgages soon. Not following behind, Marks and Spencers are getting ready to open 50 bank branches in the next two years.
The convenience of banking at the same place as you shop could play could influence consumer’s decisions to choose supermarkets other than bank for financial services.
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