Rogers Communications has filed papers with the federal government to start a bank, which would be headquartered in Toronto and focus on credit, payment, and charge card services rather than deposits. "We have no plans to become a full-service deposit-taking financial institution," said company spokesperson Carly Suppa. "The license, if granted, would give us the flexibility to pursue a niche credit card opportunity to our customers should this make sense at a future date."

Although Rogers hasn't disclosed the details regarding this "opportunity," one suspects that the company is looking to issue credit cards, as other formerly non-financial institutions like Canadian Tire and Walmart have done. If that's the case, customers would likely be enticed to acquire one of the cards via discounts on Rogers communications services.

It sounds like a savvy business plan, but assuming the company's application is approved, the big question is whether or not existing customers will be interested in expanding their relationship with the company. Rogers doesn't have a reputation for pristine customer service, but I suppose the same can be said of may existing financial institutions. Would you sign up for a Rogers charge card if it'd save you money on your cable or cell phone bill?