📰 Virgin Money is building a digital Bank


#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.


(Graham - Mental health professional) #2

Not surprising to see Virgin throwing its hat in the ring. An interesting addition to the party…:grinning:


(Alex Sherwood) #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.

I’m looking forward to seeing what they’ve built here :wink: :popcorn:


#4

:laughing::laughing: BI doesn’t like my ad-blocker so not going to see this article…


(Valeri) #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 me…


(Excited about Christmas) #6

A bank that doesn’t pay tax - what a great addition to the UK


(Andre Borie) #7

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.


(Jamie 🏳️‍🌈) #8

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.


(Allie) #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 isn’t possible to get things more wrong. Until I signed up for Tandem :slight_smile:


(James Murray-Ferris) #10

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


#11

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 :wink:


(Jamie 🏳️‍🌈) #12

What are these “Virgin values”?


(Change Works) #13

Ironic, isn’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


(Jamie 🏳️‍🌈) #15

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.


#16

What a load of BS!


(Alex Sherwood) #17

Sounds a lot like Monzo’s :slightly_smiling_face:


(Allie) #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 night’s space talk

(Micky) #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


(Andre Borie) #20

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