Key financial figures for Sainsbury's Bank 2018-2020

Founded in 1997 as a joint venture between J Sainsbury's plc and Bank of Scotland, Sainsbury's Bank is now wholly owned by the supermarket giant. The retailer bank offers customers services from savings, loans and credit cards to mortgages, insurance and ATMs. Sainsbury's Bank saw growth across almost all financial metrics between the financial years ending February 2019 and February 2020.

Challenger banks

The term 'Challenger Bank' is used as a description of banks and financial services that were created after the Global Financial Crisis and have made significant impact in 'challenging' incumbent large banks or have had a significant impact on the market. KPMG describe four main areas in which challenger banks have appeared in the market in the United Kingdom. These include full-service retail banks such as CYBG/Virgin Money, Metro Bank, TSB Bank and the Co-op, Specialist lenders such as OneSavings Bank and Aldermore, retailer banks including Tesco's and Sainsbury's and Digital Banks. As the newest and perhaps the most exciting facet of challenger banks, Digital banks are mobile app-based banks that do not have a physical presence on the high street. Due to their simplicity and ease of use they have attracted significant attention from customers and investors alike.