Sainsbury’s Bank, a fifty-fifty joint venture between supermarket chain J Sainsbury and Lloyds Banking Group, intends to gain a strong foothold in the UK market by offering financial products to 23 million customers.
Based on the terms of the multiyear agreement, FIS will offer a fully integrated real-time core processing and back-office IT solution to the bank and deliver transition support as the bank moves its back-office services from Lloyds Banking Group to FIS.
Hosted and run by FIS, its integrated solutions will support entire operations of the bank including deposit, savings, loan and credit cards accounts, and deliver hassle free channel integration.
The technology upgrade will allow the bank’s customers to access their accounts through telephone, internet and mobile devices, claims the lender.
Commenting on the announcement, Sainsbury’s Bank CEO Peter Griffiths said that the technology partnership is part of the bank’s strategy to evolve as a wholly owned bank.
The bank, which started operations in February 1997, offers an array of financial products and services including insurances, credit cards, savings and loans.
