Virgin Money has announced that it’s launching a new, branded business bank, which will be operational by summer 2020.
The account will have leading online and mobile services for businesses, including digital account opening and money management tools. There'll also be a fully automated lending service, as well as accountancy and tax management.
The business banking service will be available nationally, including in Virgin Money stores for the first time. This has the added bonus of significantly increasing the number of businesses that can be served.
The digital services will be backed by expert advice available online, by phone, or by in-branch networks. Businesses will feel reassured that the network consists of over 300 relationship managers in 40 business banking centres with the aim of supporting small and medium-sized outfits.
Virgin Money has a clear goal – to rank in the top three CMA service quality ranking (how banks are ranked for quality of service) for business customers. Another clear aim is to increase its business current account market share from around 3.5 per cent to five per cent.
The announcement came at the same time as news that the bank will re-brand Clydesdale and Yorkshire Bank and digital brand B to Virgin Money.
As a result, the name of the CYBG holding company will change from CYBG to Virgin Money UK PLC in late 2019.
Speaking about the rebrand plans, David Duffy added: “Our plan for the new Virgin Money means that for the first time there will be a major disruptor that can serve the whole of the UK, combining the very best technology with a great personal service and an absolute focus on being a customer champion. We’re looking to reinvent the role a bank plays in people’s lives."
Visit Virgin Money to find out more