On June 8, Marks & Spencer announced that they will soon be replacing M&S Money with a new service: M&S Bank. This new, highly customer-focused offering will include operating hours that are double those of the traditional high street banks and branches that will be open every day, including Sundays.
The retail giant also plans to provide: private meeting areas for customers, self-service banking points and bureau de change. Marc Bolland, Chief Executive at M&S, said in a statement: “…this bank will be built on M&S values; putting the customer at the heart of the proposition and delivering the exceptional service that sets us apart from the competition.”
The preparations begin soon, with 50 new branches set to open within the next two years and its new account offering becoming available later in the year. The first M&S Bank branch is expected to open in July 2012 in central London. The retailer expects to create 500 new jobs in the UK.
Buzz for M&S Money significantly increased following the announcement on June 8. It moved from +1.2 on June 7 to +6.9 by June 20. M&S Money has also had a significant increase on its Reputation scores over this same time-period, with scores increasing from +11.5 to +17.
Attention for M&S Money also rose following the announcement. Scores stood at 5.6% on June 7 and rose to 11.3% on June 20.
It has been a positive start for M&S following their most recent banking announcement. It will be interesting to see whether M&S can maintain its pre-campaign momentum once M&S Bank opens.