Virgin Money invests in new digital disruption hub in the North East

Virgin Money is investing in a new digital disruption hub at its offices in Gosforth, Newcastle, to help achieve its ambition of disrupting the status quo and delivering top‐class customer experiences.

Publish date: 08 January 2020
Author: Virgin Money
Theme : Innovation

This new centre of expertise will be a central hub to drive significant investment in technology, creating new digital products, services and user experiences built on its existing, advanced digital banking infrastructure and technology.

The new teams being created in the digital disruption hub will lead work on radically transforming the digital and wider customer experience for the Bank’s 6.6m customers. Some of the digital disruption hub’s immediate priorities will be driving further innovation and improvements to the way in which Virgin Money serves its mortgage and business banking customers, bringing the very best in disruptive thinking to fulfil Virgin Money’s mission to bring the brighter side of money to its customers.

The choice of Newcastle as the home for the new disruption hub further cements Virgin Money’s commitment to Newcastle and its Jubilee House HQ in Gosforth. As well as owning and investing in Jubilee House, where the Bank employs c.2,000 people, the Bank recently moved its registered office for the Virgin Money UK group to Newcastle.

The new centre will scale over time and is expected to have a team of over 200 people working in it by the end of 2020. It will be structured around the Bank’s three customer divisions, retail, mortgages and business, with each area split down into smaller ‘squads’ focussed on rapidly delivering product and experience enhancements for customers.

The Bank has a strong track record in digital innovation and disruption. Prior to Virgin Money coming together with Clydesdale and Yorkshire Banks, the Bank pioneered new customer innovation centres under its digital brand B, with a centre, open to customers and the public, in London and the opening of state of the art concept stores supporting small business and personal customers in Birmingham and Manchester. The B account and B stores will be rebranded to Virgin Money in December when the Bank fires the starting gun on its full rebrand programme.

David Duffy, Chief Executive of Virgin Money said: “Customers rightly expect fantastic products, excellent customer service and cutting edge technology. Our new digital disruption hub based in our Gosforth campus will sit at the heart of our business, driving and coordinating investment to leverage our digital platform, embedding a new way of working across the business and bring constant improvements to ensure we deliver a fantastic experience for customers.

“The North East has a vibrant tech sector and, with our ongoing commitment to the region, it is the perfect location for these new jobs, adding to our already significant presence in the area.”

Michelle Percy, Director of Place at Newcastle City Council said: “I welcome this news from Virgin Money which further reinforces that Newcastle is digital by design. We are the fastest growing digital sector outside of London and have a track record of attracting investment from high‐profile digital organisations as well as supporting entrepreneurs, innovators and start‐ups to be based in our great city.

“This investment from Virgin Money will benefit their customers across the region and it is fantastic to see global businesses recognising Newcastle as a leading digital city.”