Tesco’s plans include extending its current financial services offerings to that of a “full service retail bank.

According to this Finextra article, the supermarket previously dismissed suggestions that it would offer mortgages because they were seen as unprofitable. However Higgins said the credit crunch – and the return of “rational pricing” in mortgages – appears to have created a potential opportunity.

And where Tesco goes, others will follow – needing the solutions and expertise to set up new business operations.