Coles Bank: coming soon?

Is Coles Bank about to shake up the big four’s dominance of the sector?
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01.New bank on the cards

illustration of bank teller wearing red tie and red pin

Coles seems set to enter the banking sector in a big way, with a team of “high-level” strategists working in a sealed-off section of the supermarket's headquarters in Melbourne, according to Fairfax.

If confirmed, the move wouldn't come as a surprise, with Coles having reportedly applied for a banking licence last year, and having already made forays into financial services including credit cards and insurance products.

The supermarket has also recently trademarked the brand “Coles Money”, stating it would use the trademark in financial, monetary and banking services, and insurance services. “Coles Financial Solutions” and “Coles Financial Group” were also trademarked by the company.

And Coles isn’t the only one making the move into the financial services sector. Woolworths also has an ever-expanding fleet of products out on the market.

Coles’ bank (whatever it will be known as) could be just the disruption consumers need in the banking industry, potentially spurring the big four banks, Westpac, NAB, CBA and ANZ, to improve their products and services. Or not. CHOICE is watching with great interest. 



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