The big 5 banks

Are we being treated like human beings by our Corporate Captains? Have they heard of the word 'compassion' or is greed the guiding light for them?

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lighthouse
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The big 5 banks

Post by lighthouse » 15 Jul 2014, 15:34

Where are they all going to stop with their greed....read this

Coles expands financial services
by AAP & Inside Retail on July 15, 2014


coles

Supermarket shoppers will soon be able to pick up a personal loan, along with the milk and bread.

Retailing giant Coles is taking on the big four banks by offering customers the ability to get a loans and take up other personal finance products at the same time as their groceries.

The retailer has partnered with GE Capital to establish a joint financial services division aimed at making bigger inroads into the banking sector.

Coles already has around 400,000 credit card customers and has issued 350,000 insurance policies but the partnership will allow it to expand into loans.

The joint venture is expected to launch in 2015, pending regulatory approvals, and will combine the existing credit card business with the new loans offerings, though the insurance division will remain separate.

Coles also plans to use its flybuys program to lure in customers, by linking the new financial services with loyalty program benefits like discount groceries.

“Coles is committed to offering Australian families great value in all the products and services we offer,” Coles finance director Robb Scott said.

“A joint venture is a logical next step for Coles to expand into financial services, building on the success of Coles No Annual Fee and Rewards credit cards.”

The expansion into financial services follows in the footsteps of the UK, where supermarket giants like Tesco’s offer everything from savings accounts to home loans.

Coles and GE are yet to reach a final agreement on product offerings but the venture is not expected to include home loans at this stage.

Meanwhile, Coles has also launched a new mobile wallet, allowing customers to pay for groceries using their mobile phone.

Supported by Mastercard, the Coles Mobile Wallet integrates the Coles Pay Tag with a new Coles app :eek
“Although the world is full of suffering, it is full also of the overcoming of it. ”
Helen Keller

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donander
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Re: The big 5 banks

Post by donander » 16 Jul 2014, 22:43

Why is this greed? It sounds like good business practice to me .... always expanding, looking for new opportunities to employ more Australians plus the added benefit that there will be more competition. :handgestures-thumbsupright:
The last interglacial had less ice, higher sea levels, and warmer temperatures than this one. So, according to the evidence so far, human activity must have a COOLING effect.

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lighthouse
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Re: The big 5 banks

Post by lighthouse » 17 Jul 2014, 06:49

donander wrote:Why is this greed? It sounds like good business practice to me .... always expanding, looking for new opportunities to employ more Australians plus the added benefit that there will be more competition. :handgestures-thumbsupright:
donander it is only a system set up in conjunction with GE to get more people involved with their supermarkets via more discounts at the cash registers.
I feel this is a way of getting away from the fuel discount system since Shell sold their refinery and service stations businesses in Australia
It is not going to be a real threat to the big 4 as they have got a lot of profit to combat Coles.

What ever business they take from the big 4 it will only be a swap of staff and not an increase of staff overall.
So it is only another way to increase throughput at the cash registers............greed and control of the Grocery, Alcohol, Hotels,Hardware and poker machine trade.
.
Just watch what Woolworths will come back with as they will not sit on their hands :punching
“Although the world is full of suffering, it is full also of the overcoming of it. ”
Helen Keller

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