The supermarket financial services war is on, as Woolworths has telegraphed its next move into the sector, which could include mortgages.
According to a Fairfax report
, Woolworths has trademarked the brand Woolworths Money. The trademark covers a range of financial goods the retailing giant could offer, including insurance, savings and investment accounts, personal loans and home loans. The brand also covers any eventual foray into financial advice, with a category of the trademark covering insurance administration, consultancy and information services and pension and retirement super funds, Fairfax reported.
Woolworths has already had a misstep in its foray into financial services, with Fairfax reporting last week the supermarket had been probed by APRA
for the use of the word "banking" in the online marketing for its financial services.
Coles has also made moves into the finance sector, recently announcing a joint venture with GE
Capital to offer financial products, though finance director Robb Scott would not be drawn on the specific products the supermarket plans on offering.