High-street chemist and retailer Boots might be taking a leaf out of Tesco’s book and be considering expansion into personal finance.

Boots has 2,600 U.K. retail outlets and a very credible brand, so the temptation to offer its customers an alternative to the much maligned banks must be great. It is thought to be one of many ideas that Boots is considering in a drive to boost sales.

Tesco has already announced firm plans to offer banking outlets in 30 of its stores, and increase its loan and insurance business. It may then offer current accounts and even mortgages over the coming years.

Industry experts say that if the privately owned Boots Group were to move into banking in any significant way, it will likely look for existing finance sector partners.

Retail observers think the traditional dominance of the big banks over the U.K. personal finance market is to end as more and more brands, using their prescence and reputation, offer their customers a viable alternative. This exploits the blame attached to the banking sector for the recent financial crisis.

Guest Article by Neil Camp