Supermarket banking offers financial services to consumers that are more convenient and give more choice than financial services from conventional banks , an expert in the financial services industry has said.
Spokesperson for Marks and Spencer Money Liz Nield commented that consumers have a "different brand relationship" with their bank and will go to their favourite retailer for other things.
"With travel money, people tend to go in for their holiday shopping so they might be looking at bikinis and think I'll get my travel money while I'm here," she remarked.
Ms Nield said that leaflets and website promotions will jog a customer's memory about individual savings accounts or other financial services. She stated that retailers can be more convenient for consumers as many shops, such as Marks and Spencer are open until late at night, allowing consumers to shop during the evening.
Supermarket banks are competitive and target their existing customer base, Ms Nield added.
These comments follow findings by Fool.co.uk that customers trust supermarket banks to offer financial services that are better value for money.
Supermarket banks offer convenience and choice, expert says
Financial Services > e-banking > Banking news
Supermarket banks offer convenience and choice, expert says
Fri, 10 Aug 2007
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