Case study

Turning banking upside down

Virgin Money is a financial services brand used by three independent brand licensees in the United Kingdom, Australia, and South Africa. Virgin Money UK offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments, and protection products to over three million customers across the country.

Banking in the UK has traditionally been an old-school industry, slow to change and marked by entrenched business practices and stable competition. Virgin Money is pursuing a plan to buck this system. The bank says it is aiming to transform banking the same way successful technology platform businesses like eBay, Facebook, and Spotify have evolved their industries.
The new venture, known as Virgin Money Digital Bank (VMDB), will leverage real-time, deep analysis of data to create a customer-centric, digitally enabled service. The service aims to "re-imagine the basics of banking" by delivering new, on-demand, targeted services based on real-time insights it derives from customer data. Services will include universal accounts, money pools, and digital assistance. Plans call for a 2019 rollout with 200,000 customer sign-ups in the first year, and one million by 2024.

Demonstrating what the cloud can do

To create the VMDB, Virgin Money needed to prove that the cloud could handle the large volumes of data necessary to enable their services. The bank engaged Cloud Technology Partners, a Hewlett Packard Enterprise company, to study the issue, create proofs of concept (POCs) for an analytics and Big Data platform, and partner on a project to build out the cloud and data platforms.