Marks & Spencer (M&S) and HSBC are set to announce a new seven-year partnership that includes the development of a loyalty super app, according to Sky News^.
The deal signifies a long-term commitment between the retailer and the bank, with HSBC’s UK arm already owning M&S Bank. Sources close to the companies revealed negotiations focused on finalising the agreement before their current contract expires in the coming weeks.
This move stands in stark contrast to M&S’s competitors Tesco and J Sainsbury, who have both recently announced plans to exit the financial services sector. M&S, however, appears to be taking the opposite approach, aiming to create a comprehensive super app that integrates payments, financial services, and their existing Sparks loyalty program. This could significantly enhance the customer experience and offer a one-stop shop for M&S shoppers.
While details of the super app are yet to be revealed, this partnership suggests a significant focus on customer loyalty and financial services for M&S in the coming years.
Subscribe to Investomania for more business news and updates.
Sign up for Investomania
Subscribe to the Investomania newsletter to have our daily recap delivered directly to your inbox.
No spam. Unsubscribe anytime.