High Street retailer reveals plans to create competition with move into banking arena   Following the financial services forays of supermarkets Tesco and SainsburyÂ’s, Marks and Spencer (M&S) has announced plans to launch an instore bank this summer.   The first branch will be launched at its flagship store in Marble Arch in London before being rolled out to another 50 stores over the next two years, according to media reports.  

High Street retailer reveals plans to create competition with move into banking arena

Following the financial services forays of supermarkets Tesco and Sainsbury’s, Marks and Spencer (M&S) has announced plans to launch an instore bank this summer.

The first branch will be launched at its flagship store in Marble Arch in London before being rolled out to another 50 stores over the next two years, according to media reports.

Danny Jatania, chairman and chief executive of prepaid MasterCard provider Pockit, commented: “Despite access to online services, more and more consumers still want greater levels of access to financial services on the High Street, which can only be a good thing as retailers look to increase their presence and relevance within town centres.”

Physical presence provides flexibility

The payments expert said the High Street plays a very critical role in catering to the growth in demand from consumers who require more flexibility in how they engage with their financial services.

“Retailers are recognising the need to provide a more holistic portfolio of services to their customers,” Jatania added. “Despite the strong growth in online shopping, High Streets are still instrumental in providing goods and services on their doorstep.

“As we have noticed with our own service, customers are always searching for ways of obtaining added value from their shopping experience and this is a prominent example of one retailer that is tapping into that customer demand.”