Branson’s Virgin Money

Note from the Publisher:  Learn something new everyday.  Richard Branson – entrepreneur extraordinaire of Virgin Atlantic, Virgin America, Virgin Mobile, Virgin Games, Virgin Casino, Virgin Hotels, Virgin Wines and Virgin Money (that’s a whole lotta Virgins!) – is launching a digital bank.  The firm currently operates in the UK, Australia and South Africa, but no doubt plans further expansion worldwide in the future.  According to the Virgin Money website, they currently offer “Credit cards, Mortgages, Savings, ISAs, Investments and Insurance”.  In keeping with his unique marketing stlye, note the cat in the pink & red stretch suit appearing with this story, pulled from their homepage.  Not your typical mortgage ad!

“Virgin Money plans to launch a digital bank – VMBD – and is now recruiting for a head of customer experience.

As Banking Technology reported in November, 10x Future Technologies, the start-up founded by former Barclays CEO Antony Jenkins, is building a digital core banking platform for Virgin Money. The latter also signed a long-term deal with TSYS for debit card processing in the UK. The bank is already using the payments vendor’s TS2 solution for its credit card operations…..

We have a significant brand and scale advantage over digital-only banks [Virgin Money has a network of 75 physical branches] and the partnership with 10x Future Technologies will make Virgin Money more nimble than the large incumbent banks”…..

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