Next.Direct Conference – Prudential’s Egg cracks open a lucrative market
Egg, the telephone and Internet banking arm of Britain’s largest insurer, Prudential, has attracted deposits of more than (UKPound) 3 billion since its launch in mid-October.
Egg's chief executive Mike Harris says: "We were shocked at the initial response.
We got ten times the volume we expected at the opening."
He says Egg's Internet site received 1.75 million "hits" within days of its launch and has been red hot ever since, thanks to the psychologists, actors and dancers who were used to create a "customer experience" on the net.
Egg's name was chosen because research showed that it was instantly memorable, vital in the UK market where there are over 100 financial service brands.
Harris says Egg, which offers home finance and savings options, has attracted customers who are "above average in everything". Its products are competitively priced and were created from scratch.
Egg does not provide specific advice, but offers the information and tools to help customers work out what is right for them. Much emphasis is placed on getting to know customers so that relevant offers can be made to them at the right time, says Harris.
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
