Latest news is that Virgin Money is expanding its partnership with FinTech data expert company called the Life Moments, is all set to focus on the development of the sustainability elements provided by the Virgin Money offer to its banking customers. The agreement is that the Virgin Money’s continuation of developing its working capital health proposition which is to be launched in the autumn. The bank’s existing business current account is said to be transformed and is forming part of its commitment related to the £35m amount which was awarded from the Banking Competition Remedies ( BCR ) for the Capability and Innovation fund.
Being a leading provider of platforms and tools, Life Moments is set to improve customer involvement and create data insights for them. Developing and launching the Virgin Money’s Home buying coach app, the company is working with the bank from early 2020. The application is designed to make the process of purchasing the homes simple and help the first time buyers to climb the property ladder. The future goals of the company is to work on digitizing and capturing the customer responses to an ESG benchmarking tool, which was also developed by the Bank in conjugation with the Future Fit Business. It also aims to integrate the further results and data in to the Bank’s new business current account wellness tracker which is set to provide a tailored digital coaching for the businesses.
Virgin Money on joining the Future-Fit Development council last year became the first company in the Financial Services industry to use the FFD’s Benchmark commercial banking. It has a user friendly set of questions which will help any company to understand the current position it holds via ESG score and guiding with the necessary steps to be involved.
Gavin Opperman Group Business Director at Virgin Money, said that the Sustainability is a key element of their new working capital health proposition. Life Moments had brought them some exciting innovation into their mortgage business thus it was a natural progression to invite the Life moments to collaborate on enhancing their Benchmarking Tool and support their ambition to help their customers in all aspects of their ESG journey. He also said that they have created a strong base but there is more to do, which is why the partnership with Life Moments was so important to the development of their new business’ current account.
Ben Leonard, CEO and Co-founder of Life Moments, said that, they were pleased to have the chance to extend their partnership with Virgin Money and apply digital training to business banking as they saw many resemblances between the support & nurturing they have established with Virgin Money for first time buyers and how to help small business owners so that they are confident that this will enhance the business banking proposition. He also shared that being able to apply to their platform technology to help businesses which are embed with sustainability is extremely exciting for them and aligns perfectly with their profit & purpose mission.
Graeme Sands, Corporate and Mid-Market Director at Virgin Money, shared that all the businesses, despite of their size or industry, should be rational about their method to sustainability, safeguarding that any future growth strategy taken into contemplation of the ESG impact of their operations. He said that, it wasn’t an easy task, but those that do so often found new chances and they were dedicated to working with their customers and partners, like Life Moments, to provide the support and insight that allowed them to work towards becoming a more sustainable business.