In lieu of Marks & Spencer's recent announcement of their move into banking, the marketing industry has forged debate as to whether M&S can be truly successful. We gave our reaction here, but what do the real experts and analysts think?




Below are some excellent quotes from industry-leading publication Marketing Magazine, who present a considered opinion on whether the rebranding of M&S Money can be truly successful in the financial arena - in itself as a venture, as well as against its upstart competitors Tesco, Virgin Money and Metro Bank.


YES - M&S Bank can be a success

Lloyds TSB and Icesave marketing director Alan Gilmour agreed M&S's brand will give them a head-start over other newcomers to British banking, such as Tesco, which is gearing up for its own assault on the retail banking sector.
"With M&S, there will be a kind of kudos in deciding to bank with them, more than, say, with Tesco. They have a strong relationship with an affluent, middle class audience.
"Tesco has the scale, and so probably has the bigger potential, but all things being equal I would back M&S in a brand sense."

NO - M&S Bank cannot permeate the banking big four

Joe Clift, a former marketer at Visa and Lloyds Banking Group, believes M&S is a welcome addition as a result of its "heritage of trust and good customer service", but the major bank bosses are unlikely to be overly phased by last week’s announcement.
"As with any new entrant, the main high-street banks will assess carefully and observe with interest. M&S is a strong and trusted brand, with some track record already in financial products and has a good partner in HSBC.
"But until it proves it can capture a significant share of the current account market, the likes of Lloyds, Barclays and NatWest won't be too concerned."

Do you think that M&S Bank will be a big success in the age of banking uncertainty? Or is the stranglehold of the old titans too strong for the likes of Tesco, Virgin and M&S to break?

Read the full breakdown on Marketing Magazine.