M&S brings its trusted brand to banking sector
Posted 08-06-2012 in Latest industry news
Retailer Marks and Spencer (M&S) is hoping to capitalise on wide-spread distrust of incumbent banks by launching its banking service centred around its network of stores.
Building on its established financial products, including credit cards, loans, and savings, M&S hopes that by offering full-banking services such as current accounts to its 21 million customers, it will win business from established high street institutions.
Mirroring trading hours of stores, M&S Bank will allow branches to stay open for longer, seven days a week.
The retailer is planning to open 50 branches over the next two years, and is confident of success, citing research stating that 70 per cent of its Premium Club customers find the idea of an M&S current account appealing.
“We know loyal M&S customers will be genuinely excited by the prospect of banking with their favourite retailer. With over 25 years financial services experience, M&S Bank is the natural next step for M&S Money and will provide customers with a credible, alternative choice in the banking sector,” says M&S Bank chief executive Colin Kersley.
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