Supermarkets move into consumer banking

Supermarket chains are moving further into consumer banking offering a range of products including current accounts, credit cards and loans.

As competition mounts in the personal finance market and more supermarkets enter the sector, many chains are targeting their existing customer bases, seeking to exploit loyalty and attract shoppers looking for a convenient source of personal finance services.

Experts at M&S Money state that many supermarket banks offer attractive rates on a number of products and appealing deals.

“Across the board, generally the supermarket banks are pretty competitive,” commented spokesperson Liz Neild.

“Retailers have already got a customer base there so they will tend to design everything around that type of person.”

Ms Neild continues to state that supermarket banking can be convenient for shoppers even if they were not originally intending to source financial products from a supermarket.

Figures from Fool.co.uk state that some 17 million Brits are set to take out a supermarket current account in the future.

© Adfero Ltd

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