peekpublishersSainsbury’s has announced plans to exit the banking business, following a strategic review of its banking arm. The company is considering several options for its exit from banking, stating that financial services products in the future will be provided by dedicated financial services providers through a distributed model. There will be no immediate changes to the products or services provided to customers. Sainsbury’s has been considering an exit from the banking business for several years and received offers for the division in 2020. The move follows a trend of banks based inside supermarkets becoming increasingly rare, with in-store branches closing at a rate that is seven times higher than other branches due to customers embracing online and mobile banking. Another UK grocery giant, Tesco, is also looking to sell its bank.
Sainsbury’s bids adieu to banking, cherishing new adventures ahead.
Latest from News
Fintech booming with $350 billion growth in sector.
TLDR: The fintech sector has grown substantially, amassing over $350 billion in venture capital from 2019 to 2023. Start-ups are capitalizing on digital finance
Catch the latest fintech news in a quick weekly rundown.
TLDR: Bankjoy and nCino announce new partnerships in the fintech industry Significant funding and collaboration news in payments, lending, open banking, wealth management, and
Ameetee secures $1M funding for fintech startup.
TLDR: Ameetee, a fintech startup, has raised $1 million in seed funding to launch a B2B platform for securitizing shares in private companies. The
MTN Boosts Fintech in Africa, the Largest Wireless Carrier.
Article Summary TLDR: MTN Group Ltd. increased fintech transaction volumes by a third last year. MTN now has 72.5 million active users of its
Top fintechs prioritize this function equal to innovators and engineers.
TLDR: Key Points: Fintech success is a combination of innovation, engineering, and compliance. Compliance officers are crucial for the long-term success of fintech companies.