Is a Woolworths bank also on the way?

Supermarket giant Woolies follows hot on Coles’ heels in banking push.
 
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01.Supermarkets shake up banking

woolworths banking woolworths logo

Woolworths is pushing further into financial services, with the supermarket last month applying for the trademark Woolworths Money, to be used on a wide range of potential services including banking, ATMs, property management and development, loans and insurance of every variety, superannuation and more.

The move comes on the back of rival Coles also registering trademarks for a slew of financial services last month.

But Woolworths' move into the financial sector hasn't been an altogether smooth one. Fairfax reported last week that financial regulator Australian Prudential Regulation Authority (APRA) had ordered the supermarket to stop using the terms "bank" and "banking" in financial services advertising. Using the terms without a banking license or authorisation from APRA is forbidden under the Banking Act.

Woolworths' proposed trademark is currently under review.

Coles bank also on the cards

The supermarkets are making a big push into the financial services area, with Coles this month announcing a joint venture with GE Money, recently trademarking the brand “Coles Money” for use in financial, monetary and banking services, and insurance services, and reportedly applying for a banking licence last year. “Coles Financial Solutions” and “Coles Financial Group” were also trademarked by the company.

Full list of classes of goods and services for proposed Woolworths Money

Class: 9

Cards carrying magnetically, optically or electronically recorded or encoded information, cards incorporating electronic chips and machine readable cards including credit and debit cards, smart cards, pre-paid, smart and stored-value cards, data cards, charge cards, deposit access cards, bank cards being encoded payment cards, multifunction cards for financial services; electronic financial transaction apparatus and machines for executing remote financial transactions including electronic point of sale transaction terminals, credit card processing terminals, card readers, funds transfer machines, automated and computerised teller (ATM) and banking machines and related software; electronic publications (downloadable); electronic publications including those distributed online.

Class: 16

Paper, cardboard or goods made from these materials; printed publications; printed materials; vouchers, prepaid and gift cards, gift certificates.

Class: 36

Insurance, financial and monetary services; bank, investment and savings account services including deposit account services, electronic banking services, automatic teller machine, point of sale, point of transaction services and electronic funds transfer services, mobile phone banking services, credit and debit card services, card services including charge-card, pre-paid, deposit access, smart card and stored-value cards; gift voucher services; electronic billing and bill payment services; redemption program services in this class; services associated with promotional incentive, loyalty and rewards schemes; sponsorship services including financial sponsorship; charitable fundraising services; property services including management, leasing, rental and development of property; loan services including loan administration, consultancy and information services, residential home and investment loans, personal loans, motor vehicle loans; insurance services including insurance administration, consultancy and information services, insurance brokerage, property, building and contents insurance, motor vehicle insurance, personal and life insurance, travel insurance, pet insurance; pension and retirement and superannuation plans and funds; the provision of information in relation to all of the foregoing via global electronic communication networks including social or digital media, the Internet, wireless application protocol and by any other means of telecommunications or technology.

 
 

 

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