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Tesco Bank, a fully owned subsidiary of U.K. grocer Tesco, plans to deploy a new banking technology infrastructure to support new products and services it has in development.
The bank has more than 6 million customers and currently offers 28 financial products and services. It plans to extend its financial services business from a collection of financial products to that of a full-service retail bank, in an effort to offer more choices and value to customers.
Tesco Bank is working with Brookfield, Wis.-based banking technology vendor Fiserv to develop a platform that will provide a foundation of account information and banking transactions for Tesco Bank customers.
“Tesco has a history of bringing innovation to the markets it serves,” said John Bower, managing director, Europe, bank solutions at Fiserv. “Fiserv will help Tesco transform several business processes to create a best-in-class customer experience in financial services.”