Virgin Money is on a mission to improve the home buying experience.
The bank has announced a significant investment in technology to make buying a house an easier, more enjoyable experience.
Virgin Money says both mortgage customers and brokers will benefit from the investment in technology, which will go across all its mortgage channels. This will include a new online and mobile Mortgage Hub for consumers, including a brand new Artificial Intelligence mortgage assistant.
This announcement comes as plans to rebrand Clydesdale and Yorkshire Bank to Virgin Money have been revealed. The Clydesdale and Yorkshire Banking Group (CYBG) bought Virgin Money in 2018.
As well as investing in new technologies, Virgin Money also plans to leverage APIs and wider technology capabilities to enhance their mortgage broker platform and extend their reach to thousands of new broker partners. There’ll be two new branded offerings for the broker market: Virgin Money Everyday for mainstream lending and Virgin Money Expert for more complex lending offers. This will combine the strengths that both Virgin Money and CYBG have in the mortgage market.
“The world is changing so fundamentally and the concept of banks owning the banking universe is nonsense. That’s not going to last,” Virgin Money CEO David Duffy told The Telegraph. “Instead of saying ‘what’s wrong?’, [we’re asking], how are we going to be a part of it? That’s the exam question, really.”