šŸ“° Virgin Money is building a digital Bank

Financial Chat Fintech Chat
1

2018 promises to be quite an interesting year for FinTech. I am sure we will hear more news like this from legacy banks trying to tap into open banking and becoming bit of a challenge to new Fintechs.

3 Likes
2

Not surprising to see Virgin throwing its hat in the ring. An interesting addition to the partyā€¦:grinning:

3

Or 2017 even, according to Business Insider -

Virgin Money said it expects to begin testing its new digital bank in the second half of the year.

Iā€™m looking forward to seeing what theyā€™ve built here :wink: :popcorn:

4

:laughing::laughing: BI doesnā€™t like my ad-blocker so not going to see this articleā€¦

2 Likes
5

Not sure I have great expectations of that, given how they currently have different logins for their different offerings - one big mess if you ask meā€¦

3 Likes
6

A bank that doesnā€™t pay tax - what a great addition to the UK

5 Likes
7

I would love a modern credit card provider; however given my existing experience with Virgin brands (Virgin Media and Mobile) Iā€™m sure they will find a way to screw it up.

3 Likes
8

What do you mean by that? A quick google shows Virgin Money paid Ā£90m to HMRC in 2017, and collected a further Ā£41m on behalf of the taxman.

2 Likes
9

Most of them are pretty bad (though the airlines well-loved), but in fairness the brands are all separate businesses. Also, Virgin Media is atrociously bad. I would have said it isnā€™t possible to get things more wrong. Until I signed up for Tandem :slight_smile:

4 Likes
10

What you have to remember is Virgin media isnā€™t really a virgin group company itā€™s owned by Liberty Global and has just purchased the rights to the virgin name for 20 years

2 Likes
11

All businesses associated to the Virgin brand should live the Virgin values regardless of equity held by Virgin Management.

I donā€™t think Virgin Media do this very well :wink:

2 Likes
12

What are these ā€œVirgin valuesā€?

13

Ironic, isnā€™t it that half the Virgin brands taint the other half with their various missteps and management failures?

14

https://www.virgin.com/virgingroup/content/our-brand-0

1 Like
15

Just found them:

The Brandā€™s backbone is its values; providing heartfelt service, being delightfully surprising, red hot, and straight up while maintaining an insatiable curiosity and creating smart disruption.

3 Likes
16

What a load of BS!

1 Like
17

Sounds a lot like Monzoā€™s :slightly_smiling_face:

2 Likes
18

Difference is Monzo has honoured it in so many ways:

  • Being incredibly LGBT-friendly
  • Providing the best customer service out there, bar none
  • Amazing card acceptance (e.g. contactless magstripe support)
  • Fun events like last nightā€™s space talk
5 Likes
19

I think that money would be better spent sorting out their terrible customer service. Cancelled my credit card with virgin after experiencing terrible customer service

2 Likes
20

I think the only Virgin company Iā€™ve had good experiences with was Virgin Active (gyms) - everything else is awful.

1 Like