Shaking up banking in Australia
Virgin Money Australia has revealed its hotly anticipated digital bank, which will set the new standard for Australian customer-banking relationships. It is also launching a new loyalty programme – Virgin Money Rewards.
Richard Branson said: “Virgin Money Australia has an ambition to challenge the status quo in the financial services industry. The new Virgin Money Australia digital bank is the antithesis of a traditional bank: it embraces simplicity and rejects the notion of financial complexity. At the core of the Virgin DNA is a challenger spirit, which brings competition to every industry we enter. I am so proud of the Virgin Money Australia team for living and breathing our DNA when designing and building the new digital bank, and keeping the customer at the heart of their decision making.”
Virgin Money’s digital bank is set to simplify banking, reward customers and help them reach their financial goals. The cloud-based core banking platform provides a frictionless and fully-integrated digital experience, bringing together credit cards, transaction and savings accounts, as well as the new loyalty programme, all in one app.
Virgin Money is launching three new products that will sit alongside Virgin Money’s credit cards in the app:
Virgin Money Go Transaction – Virgin Money’s first ever transaction account with no monthly fees
Virgin Money Boost Saver – a high interest savings account that comes bundled with a Virgin Money Go Transaction account and a competitive bonus interest rate
Virgin Money Grow Saver – a standalone savings account with a bonus interest rate
Virgin Money Rewards
As well as launching new products, Virgin Money Australia has announced a brand new loyalty programme for customers to earn points on everyday spending. Customers can use their points to purchase online gift vouchers from hundreds of leading retailers, or for cashback direct to their Go or savings account.
The programme has launched with around 100 earn and redemption partners, including Menulog, THE ICONIC and HelloFresh, as well as a suite of Virgin family partners like Virgin Wines and Virgin Active.
Virgin Money Australia Head of Loyalty, Richard Davey, said: “Rewarding customers for their loyalty has become quite diluted across the industry, so our mission was to build a program that is genuine. It’s not just about transactions or one-off offers, but about recognising customers continuously for the entire duration of their banking relationship. Unlike other programs, customers will be recognised when they spend and when they save, and they’ll be supported with hints, tips and real time alerts to help achieve their financial goals.”
The Virgin Money digital bank is available now to download in the App Store and Google Play. Customers can set up an account in minutes and start saving or spending immediately with Apple, Google and Samsung Pay.
Visit Virgin Money Australia to find out more.