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Sainsbury’s outsources banking following £248m deal with Lloyds

Sainsbury’s outsources banking following £248m deal with Lloyds

Sainsbury’s Bank is embarking on a three-and-a-half year project to move its customers off the systems of Lloyds Banking Group following the retailer’s £248m acquisition of the bank’s 50% shareholding.

The project will see Sainsbury’s move from the Lloyds systems to off-the-shelf systems and services from FIS. Sainsbury’s Bank will provide customer call centre services in-house. Sainsbury’s Bank profits over the past 12 months increased 38% from £16m to £22m.

“The transition will involve the transfer of data from legacy Lloyds Banking Group systems to the latest generation banking platform,” Sainsbury’s said in a statement. “This platform will allow a greater degree of flexibility, enabling new product launches and facilitating a much improved digital offer to customers.”

Peter Griffiths, CEO at Sainsbury’s Bank, said: “Introducing [FIS] is a major step forward in our evolution as we become a wholly owned Bank. We are delighted to be working with FIS, an expert in the field. We are very pleased with its domain expertise and the extensive functionality delivered by its banking and payments solutions.”

via Sainsbury’s outsources banking following £248m deal with Lloyds.

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