M&S Bank sparks open banking life into mortgages
The UK’s M&S Bank has unveiled faster mortgage applications via the highly popular art of open banking.
Increases its open banking offering
The retail bank, which is the trading name of HSBC-owned Marks & Spencer Financial Services, says this development means “most customers” will no longer need to source and supply copies of bank statements to support their mortgage application.
Using open banking, this documentation will be immediately provided via the platform. The new solution increases M&S Bank’s open banking offering, as it already includes personal loans and M&S credit card applications.
Julia Annandale, head of mortgages, M&S Bank, says: “Delivering excellent mortgage solutions and the M&S-standard service that our customers have come to know and expect from M&S Bank is our absolute priority.”
The new platform has been delivered in partnership with Equifax and AccountScore; along with its account information service provider (AISP), Consents Online, which also delivered M&S Bank’s solutions for credit card and personal loan applications.
For each M&S Bank mortgage product, £25 +VAT will be paid to Shelter which donates its taxable profits to its National Campaign for Homeless People.
M&S Bank was founded in 1985 as the financial services division of British retailer Marks and Spencer. In November 2004, HSBC bought 100% of the share capital of Marks and Spencer Retail Financial Services Holdings.
Today, M&S Bank operates as a joint venture arrangement between HSBC and Marks & Spencer, however, M&S Bank retains its own board.
M&S Bank has 29 branches and over 120 bureaux de change located in M&S stores across the UK.
