Marks & Spencer Launch instore Banking Service

Marks and Spencer is leveraging its strong brand to enter the banking sector, offering current accounts and mortgages in partnership with HSBC. The move aims to introduce competition in a market dominated by established banks. Newcomers like Metro Bank and Virgin are also entering the scene. Marks and Spencer plans to use its retail experience to offer convenient banking hours. However, the challenge remains to attract customers who are traditionally reluctant to switch banks.

What is the significance of the joint venture between Marks and Spencer and HSBC?

What challenges does Marks and Spencer face in attracting customers to their new bank?