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.
Not surprising to see Virgin throwing its hat in the ring. An interesting addition to the party…
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.
I’m looking forward to seeing what they’ve built here
BI doesn’t like my ad-blocker so not going to see this article…
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 me…
A bank that doesn’t pay tax - what a great addition to the UK
I would love a modern credit card provider; however given my existing experience with Virgin brands (Virgin Media and Mobile) I’m sure they will find a way to screw it up.
What do you mean by that? A quick google shows Virgin Money paid £90m to HMRC in 2017, and collected a further £41m on behalf of the taxman.
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 isn’t possible to get things more wrong. Until I signed up for Tandem
What you have to remember is Virgin media isn’t really a virgin group company it’s owned by Liberty Global and has just purchased the rights to the virgin name for 20 years
All businesses associated to the Virgin brand should live the Virgin values regardless of equity held by Virgin Management.
I don’t think Virgin Media do this very well
Ironic, isn’t it that half the Virgin brands taint the other half with their various missteps and management failures?
Just found them:
The Brand’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.
What a load of BS!
Sounds a lot like Monzo’s
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 night’s space talk
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
I think the only Virgin company I’ve had good experiences with was Virgin Active (gyms) - everything else is awful.