What:  A new seven-year financial services agreement between M&S and HSBC UK.

What is important: This partnership aims to enhance the shopping experience for M&S customers by integrating rewards, digital payments, and credit facilities within the M&S app, thereby fostering greater customer loyalty and providing a seamless digital shopping journey.

M&S has entered into a seven-year agreement with HSBC UK to improve its financial services through M&S Bank, focusing on a more integrated and personalized digital experience for shoppers. This collaboration builds upon existing initiatives like the M&S Club Rewards and the introduction of Sparks Pay, a digital payment solution. The partnership highlights the importance of M&S's credit card users, who represent a significant portion of the retailer's turnover, by offering them a more connected way to shop, pay, and earn rewards. With over three million customers, M&S Bank's expansion of services, including personal loans and buy now pay later options, underscores the shift towards digitalization in retail financial services. Katherine Carlson, M&S Director of Financial Services, and Paul Spencer, M&S Bank CEO, both emphasize the commitment to adapting to customers' evolving shopping and payment preferences, indicating a future filled with even more integrated customer experiences.

M&S signs HSBC deal to drive loyalty and enhance its digital shopping experience