Open Doors

Work with customers, colleagues and communities to encourage sustainable practices and economic activity that creates shared prosperity.

Fast Facts.

Financial Inclusion

In July 2020, we launched the Virgin Money M Account, a basic bank account that’s far from basic. Offering customers digital servicing, a linked savings account, budgeting tools and an energy switching service, it also provides insights on financial vulnerability and its impact on people’s banking experiences. Input was provided from Virgin Money’s new Financial Inclusion Panel, which is made up of colleagues who have experience of vulnerabilities through either personal circumstances or caring responsibilities.

FinInc 2020

We held our first financial inclusion event, FinInc2020, in July 2020. Around 300 colleagues heard from 30 speakers (virtually, of course), as they shared a wealth of experience and insight on living with vulnerabilities or living without banking. Bringing our Purpose to life, it underlined the importance of being an inclusive bank, helping embed our vulnerable customer strategy and equipping colleagues to better understand the needs of the customers they design for or serve.

2030 Aspirations

  • No Virgin Money customers paying a Poverty Premium*
  • * The poverty premium is the extra cost that low income households pay to access basic services. With a UK average of £490 a year, one in ten poorer households pay a minimum of £780.
Short > Medium Term Targets

  • Solutions in place to identify and help at least 50% of Virgin Money customers facing a Poverty Premium by 2025.