The entry of the three largest grocery retailers into retail financial services marks an escalation of competition in financial services retailing in Britain. This paper explores the increasingly porous boundaries between banking and retailing, focusing on changes in the economics of information gathering, shifts in the production, marketing and consumption of retail financial services, and a series of changes in the competitive and regulatory environment of grocery retailing. The paper argues that grocery retailers’ moves into financial services raise important issues concerning both the management of strategic alliances and their impact on social inclusion and exclusion. The paper elaborates on this argument by examining four potentially problematic issues arising from the alliances between banks and retailers: the shifting geographies of financial services provision, the development and maintenance of brand leadership, the production and use of management knowledge and consumers’ access to financial services.