UK supermarket chain Sainsbury's has confirmed its intention to assume full control of its banking operations and has hired US-based FIS as its chief technology partner.
Great news and a sign of things to come. The entry price for new Banks is far too high and Sainsburys has invested over a long period of time to get to this position. Hopefully the Government can ease the burden cost to enable many more niche banks to enter
the ring. In the meantime i expect Sainsburys to go forward from here and be a future major player in FS. Watch out for transition costs though as this is not easy. They should invest in their own architecture with state of the art modern systems and technology
and not drop into the legacy trap that so many banks are in
to £100K base, double OTELondon, UK
© Finextra Research 2016