Retailers to take 'bigger bite' out of banking market

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Retailers to take 'bigger bite' out of banking market

Thu 9th Aug 2007

The 'Big Four' UK supermarkets, which include Tesco and Sainsbury's, could play an increasingly prominent role in personal finance, a new survey has found.

Half of the people questioned by Fool.co.uk claimed that they want supermarkets to offer more financial products, while almost as many believe the existing offerings offer value for money.

And while retailers' current accounts and mortgages may not yet be as popular as those offered by high street banks, one in five shoppers have a credit card affiliated to a supermarket.

"Today, supermarkets are as clever at marketing travel-insurance policies as they are at selling travel sweets," said David Kuo, head of personal finance at Fool.co.uk.

"Additionally, with their low running costs, supermarkets can easily undercut other providers. They are already pinching customers from banks and in time could steal even more."

Last week, Sainsbury's Home Insurance proclaimed itself to be among the four per cent of insurers that cover against damage done in the summer holidays.

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