Sales of additional types of financial products through the checkouts of Tesco could be on the cards later this year as the supermarket giant continues to chalk up sales of protection products to consumers.
The evidence so far suggests consumers are to willing to buy their financial products as opposed to being sold such products, a spokesman says, which seems to put the company at odds with some statements made through the depolarisation debate.
”We don’t ‘sell’,” the spokesman says.
”Customers choose themselves.”
Of course, the company faces some hurdles.
A key barrier to offering additional services– perhaps, for example, something pensions-related to match the protection and savings elements already offered - is the requirement for any solution to “be simple” for customer and provider alike.
Any products offered through the burgeoning financial services arm – witness the growing piles of leaflets near checkout counters offering credit card, protection, savings and other services – must also make financial sense for the company.
There is nothing to suggest a problem of expanding the range once a decision on additional products is made.
Tesco claims some 170,000 travel insurance policies sold in the past 18 months, and there is no reason to suspect families being told by government and industry they must provide for themselves over the long term will do anything other than pick up the latest leaflet promising just that.
”If it’s easy, if it’s cheap, and if the brand is trusted, customers will buy it,” the spokesman adds.IFAonline
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