Tesco shop
Tesco wants to expand its financial services business

Tesco selects vendor for core banking platform

New system will be built to support new financial products

Written by Angelica Mari

Computing, 23 Nov 2009

Tesco Personal Finance has chosen a supplier to help build its new banking systems and infrastructure platforms.

The new IT set-up, provided by Finserv, will replace the firm’s existing systems and enable the launch of new financial products.

Currently, Tesco’s financial services arm has six million customers and 28 financial products and services. The firm’s intentions are to expand its offering to that of a full-service retail bank.

According to Tesco, the rollout of the core platform will manage account information and banking transactions for its customers, who will also be able to access their accounts from UK call centres, stores, online or ATMs.

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