The third largest supermarket in the world, Tesco, is set to boost its customer loyalty scheme, at the same time as beefing up its commitment to the personal finance sector.

Throughout the recession Tesco has lost ground to the bargain basement food stores as customers reeled from an uncertain future. Although not an upmarket store, Tesco has still had to cope with the impact of the no-frills operations such as Aldi and Netto, who keep costs down with smaller stores and less staff.

And Tesco can hit back not only with competitive pricing, but with their hugely successful Clubcard loyalty scheme which currently has a staggering 16 million members. The superstore hopes to add a further one million members and as part of the major revamp, has doubled the value of its vouchers which buying such items as beauty and baby products, flowers and clothing.

Tesco also continues in its attempts to offer its customers a fully fledged banking facility. It has already announced that it intends to open 30 in-store ‘bank outlets’, offering a range of personal finance products. Tesco current accounts are said to be in the offing. And as a sign of their commitment to the sector, Tesco Personal Finance said they intend to take-on some 250 people to support their move into banking. The jobs will be created at their Edinburgh headquarters.

Guest Article by Neil Camp