M&S Bank says It will close its Bank Branches In July and stop serving Current Accounts In August. The move away from the traditional banking market has been brought about by the shifting consumer landscape and the digital progression in banking brought into sharp relief by the Covid pandemic.
The banking offshoot of UK retailer Marks & Spencer is to close all of its current accounts and shut its 29 instore branches to focus instead on reward-based credit cards and digital payment services. Launched in 2012, M&S Bank operates as a joint venture arrangement between HSBC and Marks & Spencer. It currently claims some three million customers.
Paul Spencer, CEO, M&S Bank, says: “As we adapt to meet the changing needs of our customers, and we deliver some new – more digitally-focused products and services – it does regrettably mean we will move away from branch-based servicing and the 29-in-store bank branches and associated current account will close this summer. We’re now firmly focused on supporting both our customers and colleagues through this change, and the delivery of our transformation plans, which will create new and rewarding payment solutions for M&S shoppers, both in-store and online.”
“It’s only our current accounts, associated Monthly Saver and in-store bank branches, that will close. We want to reassure you that if you have an M&S Credit Card, loans, insurance products or other savings with us, or you use our travel money service, these products and services will continue as normal.” said a spokesperson for the Bank.
“We also have some exciting new products launching this summer, these will be focused on expanding our range of payment solutions, designed specifically for M&S shoppers. We look forward to sharing more on this soon.”
Support for existing current account customers can be found here.
This article has been reproduced from the financial website Finextra