The brand update adds a new blue to the Tesco Bank logo and uses a range of background colours in its marketing that are the same as those found on £5, £10, £20 and £50 bank notes. Tesco says the aim is to demonstrate that it understands the importance of money and to get across the message that it will run a “simple, modern and professional” bank.
Tesco has upped its focus on its banking business in recent months, launching a credit card earlier this month aimed at people with poor credit ratings. It is also prepping its first current account, set to be available in the summer. The current account will link to customers’ Clubcards and offer them points whenever they spend.
Chris Pitt, marketing director at Tesco Bank, says Tesco is ideally positioned to move further into banking because it understands how people shop and live through its Clubcard loyalty scheme and the millions of people that shop in its stores every month.
He adds: “With the launch of our very own current account just months away, we’ve started a new conversation with customers. The things that matter to our customers also matter to us, so it’s important we communicate them and they feature in our first in-store campaign and on our digital platforms.”
Rival Sainsbury’s is also moving further into banking having recently bought the 50 per cent of its banking business that it didn’t own from Lloyds Banking Group. During its recent results call, chief executive Justin King said people that bank with Sainsbury’s spend up to 15 per cent more in its grocery business, highlighting the “synergistic benefits” of a supermarket running a bank.
Marks & Spencer has also launched its first free bank account as high street retailers attempt to take on the high street banks.