Feeds

Prudential fails to put all its Eggs in one basket

Should be called Geg -- its ecommerce message is definitely scrambled

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

Egg -- the lifestyle-branded banking service from the UK's Prudential Corporation -- is taking a soft-boiled approach to ecommerce, even though it would like people to think it was a major player in the digital ballpark. From today if you want an Egg account you can only rustle it up if you apply via the Web. According to the hype, this makes Egg a "firmly established leader in the ecommerce market." So says CEO Mike Harris. "Of the 500,000 customers we have attracted so far we estimate around 30 per cent already have Internet access and with Internet growth in the UK running at around 11,000 new users a day, this proportion will increase rapidly," he said. But once customers have applied via the Net, there is nothing stopping them from ditching their modems and conducting their financial affairs by telephone -- or even by post. There's an eggy waft to this whichever way you approach it. This is not the cutting edge of ecommerce even though the PR window dressers would love you to think otherwise. On the face of it, Egg has done exceedingly well. In just six months it has met its five year target of £5 billion in savings and 500,000 customers and it now wants to cash in on two million Internet customers by 2004. But according to the Financial Times, despite this apparent success Egg is still expecting to make losses of £100 million by the end of the first year. Far from embracing ecommerce, it seems Egg is using it to block the number of new applications it receives to help stem its losses -- not dissimilar to what happens if you eat to many of the oval things. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.