The UK has become a global test market for Wal-Mart as it extends its financial services offer, said financial services director David Rutley.
Asda has introduced a life insurance and a mortgage life insurance product on trial at 40 stores in partnership with Scottish Widows.
The multiple has completed a roll out of motor, travel and home insurance products to all stores in conjunction with Norwich Union.
Rutley said Asda was focused on price and customer service as it rolled out a full range of banking products. As an example, life insurance would be typically more than 18% cheaper than Eagle Star and mortgage life insurance 34% lower than NatWest Life, he claimed.
He said: “We are very hard on
price. This is a first for Wal-Mart as well. We are acting as a global test market for Wal-Mart.”
Among a raft of other financial products being developed is a credit card “targeted at the mass market”.
Rutley added that Asda was already looking at adapting its fledgling financial services model to offer customers “a few other services”. He said: “Watch this space. We can offer products and services at the checkout and through the web. We want to get more from our services offer, negotiating a better deal for our customers.”
He declined to comment on what services were being looked at, although utilities would be an obvious area.
Rutley said Asda’s financial services products were all being developed in conjunction with several expert strategic partners.
The 40 stores, in West Scotland, Nottingham, London and Bristol, will carry PoS for the two new life products.
PoS will be rolled out to all stores once service levels had been tested, he said. “Customers will be able to sign up over the phone or on the internet in 10 to 15 minutes. There will be no weighty application form. There are not many other providers who can do that.”
Anne Bruce
Asda has introduced a life insurance and a mortgage life insurance product on trial at 40 stores in partnership with Scottish Widows.
The multiple has completed a roll out of motor, travel and home insurance products to all stores in conjunction with Norwich Union.
Rutley said Asda was focused on price and customer service as it rolled out a full range of banking products. As an example, life insurance would be typically more than 18% cheaper than Eagle Star and mortgage life insurance 34% lower than NatWest Life, he claimed.
He said: “We are very hard on
price. This is a first for Wal-Mart as well. We are acting as a global test market for Wal-Mart.”
Among a raft of other financial products being developed is a credit card “targeted at the mass market”.
Rutley added that Asda was already looking at adapting its fledgling financial services model to offer customers “a few other services”. He said: “Watch this space. We can offer products and services at the checkout and through the web. We want to get more from our services offer, negotiating a better deal for our customers.”
He declined to comment on what services were being looked at, although utilities would be an obvious area.
Rutley said Asda’s financial services products were all being developed in conjunction with several expert strategic partners.
The 40 stores, in West Scotland, Nottingham, London and Bristol, will carry PoS for the two new life products.
PoS will be rolled out to all stores once service levels had been tested, he said. “Customers will be able to sign up over the phone or on the internet in 10 to 15 minutes. There will be no weighty application form. There are not many other providers who can do that.”
Anne Bruce
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