Coles, Woolworths accumulating consumer data as they prepare to compete with banks on home loans
7.30
By Sean Rubinsztein-Dunlop
Updated 46 minutes agoWed 6 Aug 2014, 8:33pm
PHOTO: Coles and Woolworths have been negotiating potential partnerships with Australian mortgage providers to enter the lucrative home loans market. (AAP, file photo)
MAP: Australia
Supermarkets are gathering an unprecedented amount of information on Australians' financial situations and lifestyles as they prime for a clash of the titans with the big four banks.
The ABC's 7.30 understands Coles and Woolworths are engaged in high-level talks about establishing banks and offering home loans.
Coles is keeping coy on persistent rumours it is applying for a full banking licence, but the supermarket group is already making an aggressive push into Australia's trillion-dollar financial services sector, announcing a joint venture with GE Capital last month to deliver personal loans and credit cards.
7.30 has learned both Coles and Woolworths have been negotiating potential partnerships with Australian mortgage providers to enter the lucrative home loans market.
The supermarkets have already signed up more than 1 million Australians to their existing credit card and insurance products, and have registered the trademarks, Woolworths Money, Coles Money and Coles Financial.
full story....http://www.abc.net.au/news/2014-08-06/coles-woolworths-preparing-to-enter-home-loans-market/5653288
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