M&S launches first self-service branch; rolls out instore 'banking pods'

M&S launches first self-service branch; rolls out instore 'banking pods'

The banking offshoot of UK retailer Marks & Spencer has opened its first self-service branch at its head office in central London.

The opening of the new branch - the retailer's 30th free-standing banking outlet - coincides with the 30th anniversary of the launch of Marks & Spencer Financial Services.

Having evolved from a card provider to a full service bank, M&S Bank now services circa. 3.7m customers across its range of financial services products, including the new M&S Current Account, which launched in May last year.

Customers visiting the self-service branch will have access to an ATM and telephone and internet banking facilities. In addition, a member of the M&S Bank team will also be on-site at set times to help customers with servicing of existing products and new account applications.

M&S is also looking to get more mileage out of its national retail network, rolling out new in-store 'meeting pods' where customers can have private conversations with an agent in stores that don’t currently have a bank branch.

M&S Bank already has a meeting pod located in the M&S Liverpool store and a further five have been planned for roll-out in M&S stores across the UK in the coming months.

Sue Fox, CEO of M&S Bank, says: “We already have a network of 29 full-service bank branches located in M&S stores, which offer our customers the convenience of being able to bank while they shop at a time that suits them, including late evenings and weekends. We’re continually looking at ways to increase customer convenience and the launch of our first self-service branch, and new meeting pods, will complement our existing in-store presence."

Comments: (1)

A Finextra member
A Finextra member 17 April, 2015, 02:33Be the first to give this comment the thumbs up 0 likes

This self-service retail bank branch concept will become more and more important in the near future in my opinion.

The "pod-branch" model can consequently go the path of miniaturisation - I am thinking of a video teller machine equiped mini "pod" retail bank branch.

Of course this solution needs a video teller machine with features like KYC for account opening, A4 printer and scanner for contract signing, digital signature on pdf, instant card issue etc.

No-teller branches will help to reduce costs for the banks but the customer nevertheless expects a personal help in form of a bank employee (teller) when needed. This is where the video teller machine concept is providing the (perfect) solution.