Tesco: The digital launch looks promising
Perhaps I was a tad harsh. My initial thoughts about the Tesco Bank current account were not overly enthusiastic.
Perhaps I was a tad harsh. My initial thoughts about the Tesco Bank current account were not overly enthusiastic. I remain of the view that there is a lack of a headline grabbing incentive to switch to the Tesco Bank current account. Nor will I be surprised if initial take-up is modest, writes Douglas Blakey.
On the plus side: look a little deeper and Tesco Bank deserves credit on two points.First off, the Tesco Bank mobile apps on the Android and Apple platforms.
According to Tesco Bank, mobile banking customers log on nearly 20 times a month. If anything, that is an under-estimation. Only yesterday, at the latest Digital Banking Club debate, we heard Darren Foulds of Barclays say that it was running at 27 customer log-ins a month.
And at the previous Digital Banking Club debate, Terry Cordeiro of Royal Bank of Scotland quoted 23 log-ins a month for the average customer. But whether it is nearly 20 or 23 or 27: it is a hell of a lot.
The Tesco service offers a calendar or personal financial management feature and says that three out of five customers who have trialled the service said it was their favourite feature.
The Tesco Bank app also enables its existing customers to use the mobile banking app to manage their credit card, savings and loan accounts on their smartphones.
So again, early days but the initial Tesco Bank digital offering looks highly promising. Secondly, my initial musing on the Tesco Bank current account ought to have flagged-up the overdraft interest calculator.
It sets a new standard in transparency and user-friendliness. Very impressive indeed.