Richard Branson is used to doing things differently. It should come as no surprise, then, that the Virgin Group founder is bucking recent payments trends at all.
During a time when mobile banking and on-the-go transaction processing are all the rage in the payments industry, Branson’s plan is to make his physical branches a place where consumers will want to go to conduct their banking needs.
In an interview with Banking Strategies, Bronson revealed his strategy behind purchasing Northern Rock PLC last November, adding 75 branches and around one million new U.K. accounts to Virgin Money. Branson emphasized the need for improved customer service in the banking industry, and said he wants his new “Virgin Lounge” branches to lead the way.
“While price is an important factor, customers are looking for more than that. They want great service, transparency and long term value,” Branson said.
So what do the new Virgin Lounges have to offer? Free Wi-Fi, iPad browsing areas, complimentary tea and coffee, a kid’s space and event booking opportunities are some of the services Virgin offers.
Branson hinted towards such accommodations in his interview, but focused primarily on human interaction and customer comfort as Virgin Lounges’ main assets.
“Some customers want to be able to access their accounts form anywhere in the world, at any time of day or night, and electronic channels are ideal for providing that. Other customers, such as someone arranging their first mortgage to buy a home, value face-to-face contact and want to be able to sit down and have a conversation with a real person,” Branson noted.
“What is important is that our distribution channels are broad enough to support all different needs, and branches are a key part of that.”
To read Branson’s full interview, click here.
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