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

Build a business case: developing custom apps

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. ®

Boost IT visibility and business value

More from The Register

next story
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
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.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?