Richard Branson’s Virgin is used to disrupting business models everywhere – telecom, airlines, you name it. Now they’re turning their attention to banks, as per this long Bloomberg Markets magazine article (and three videos, inside). Always very interesting to challenge our notions of “stable business models”, but Virgin’s very history shows that sometimes it’s harder than they initially thought it would be. Wal-mart’s experience in the US comes to mind: they tried extremely hard to get a bank license but couldn’t, so they made inroads in the “bank-less” population (also here for those who don’t subscribe to the NYT). With Wilbur Ross on board, though, Virgin is certainly going to make some noise.
Richard Branson on how he’ll disrupt UK retail banking (3 min):
Interview with Virgin Money Holding’s CEO (7 min):
Unfortunately there seems to be loading problems in the next video, but here is the link. I will try to embed it again later.