Check out Tesco Lotus Money Services
Bring home a better insurance or personal loan deal with your weekly shop
published : 27 Nov 2019 at 14:20
TESCO LOTUS’s financial services arm has announced the launch of “Tesco Lotus Money Services” under a new brand.
The fruit of a joint venture between Thailand’s hypermarket leaders, Tesco Lotus, and consumer finance leaders, Krungsri Consumer, Tesco Lotus Money Services counters occupy spaces in over 200 Tesco Lotus locations across the country. The services are targeted at around 15 million regular Tesco Lotus shoppers.
“Although it’s been around 18+ years since we launched, awareness was lagging among people who didn’t realise one brand could encompass such a range of financial products and services,” explains Nick Smart, CEO of Tesco Lotus Money Services Limited.
Support for the Insurance Commission’s education and inclusion agenda, requiring financial products to be more understandable and accessible to consumers, is another motivation for the rebranding.
“The bottom line of our strategy is providing consumer financial services based on ease, value and trust.”
With the biggest credit card business in Thailand and a leader in personal loans, Krungsri Consumer is the perfect back-office finance partner for the venture.
The only non-Thai to have managed a Tesco Lotus store, Nick Smart has been with Tesco Lotus for nearly 20 years, and became the CEO of Tesco Lotus Money Services in June 2016. “The business was initially formed just to provide a payment card to Tesco shoppers but it quickly transpired that their financial needs are broader. We saw that much more could be done to make their lives richer.”
“We are not only providing the best value for those who hold our credit card, we also provide protection and loans to customers.”
Tesco Lotus Money Services essentially provides three services:
1) Auto, Personal Accident, Health, Home, Travel and Life Insurance brokerage. There’s a panel of nine hand-picked vehicle insurers, a partnership with Cigna Insurance for Personal Accident and a partnership with Allianz Ayudhya for Life Insurance.
2) Tesco Lotus Visa card. Platinum Reward and Platinum Beyond cards give up to 3.5% rewards through Clubcard cash coupons when shopping at Tesco, 3% cashback when you fill up at ESSO, 0.5% everywhere else. As responsible lenders, Tesco Lotus Money Services concentrates on great value rewards for customers that help them with their everyday expenses.
3) Tesco Lotus Premier cash card and instalment finance loans.
Bringing the previously disparate elements under one banner, eases communication with shoppers.
Branches have been refurbished. Processes have been improved with key technologies. Personnel have been trained up to consultants, and “Mone” has been unveiled as the mascot.
As it reaches out to existing and potential customers with its “Life is simpler with Tesco Lotus Money Services” communication campaign, approachability and reliability as a financial partner comes across strongly. Customers are sold on quality financial services that provide an easier life with more benefits.
“We reach out and speak to our customers to understand their key financial concerns and issues; what causes them pain and what makes life better.” Products,services and operations are designed accordingly.
“We simplify Tesco shoppers and their families’ lives by providing clear and affordable financial and insurance products.”
“We fill in any blanks in their knowledge of the market and fill the role of trusted friend for all financial issues.”
That hypermarket location means customers can make contact across multi channels before or after their shopping.
Services will also be rolled out to Tesco Express convenience stores over the next three years.
“We want to be top of Tesco customers’ shopping lists when it comes to everyday financial products,” says Nick Smart.
The ultimate goal is to become the number one insurance broker in Thailand.