An Almost Virgin Bank

I meet very few people that are happy with their Bank. I remember once being told that people are more likely to get divorced than change their bank. Many of us apparently still have our current account based where we were at University. Banks have had a little flack of late and of one thing, I can be sure – whether it’s the taxpayer or the customer, one or other (probably both) is going to pay to get the UK’s retail Banks back into shape with a good dose of smoke and mirrors.

There are few highly successful entrepreneurs that would have missed a basic flaw in our capitalist system when it comes to Banks. Apparently, they get bailed out. As yet, no real change has been made to law, rules, guidance or practice when it comes to how a Bank should operate. In business terms that seems to suggest a new equation from RISK/REWARD to GUARANTEE/REWARD. Sense the opportunity?

Enter maestro entrepreneur Mr Branson with Virgin Money. Having finally secured a Banking License, following the purchase of minnow-sized bank Church House Trust based in Somerset for a mere £12.3m, (Mr Branson tends to favour the paint go-faster stripes on the side of it approach… nothing is actually virgin) we have the highly welcome arrival of Virgin Money Bank. I for one, am delighted that we now may see something dynamic , involving great marketing and some actual thought. I will be personally checking out the Virgin offering. Frankly it would not take much to beat the current boring bank services and it would be great to see Virgin providing IFAs with the ability to include bank balances in our reporting to clients, provide a real “whole picture” approach. It goes without saying that we are all looking for better deposit rates of interest.

Mr Branson is clearly well furnished with talent and bright ideas and the ability to get something approaching the very best out of others to “make it happen”. I wish him and the new Virgin Bank every success. The king is dead, long live the king.