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Business & Economy

Virgin Money reveals 200-job Gosforth digital hub venture

A North East lender is launching a new digital venture it says will create and support more than 200 jobs in the region.

Virgin Money has unveiled plans for a digital disruption hub at its Gosforth offices.

Bosses say the endeavour – which will create new jobs and provide work for existing staff – will improve customer service and bolster the bank’s digital operations.

According to the firm’s plans, the hub will drive investment in technology and create new digital products, services and user experiences by building on existing digital banking infrastructure and technology.

Initially, officials say it will propel innovation and improvements to the way Virgin Money serves mortgage and business banking customers.

Expected to have a team in excess of 200 people by the end of 2020, bosses say the hub will be structured around the bank’s three customer divisions – retail, mortgages and business – with each area split down into smaller ‘squads’ focused on delivering product and experience enhancements.

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 co-ordinating 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, added: “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.”

The bank revealed its plans today (Thursday, November 28) in results for the year to September 30.

Its financial report showed increases in lending across its main channels, with customer borrowing up 2.9 per cent to £73 billion.

Business lending was 4.5 per cent higher at £7.9 billion, with personal lending up 16.1 per cent to £5 billion.

Mortgage lending showed growth of 1.7 per cent to £60.1 billion.