Virgin Money launches beta of new home buying app

22 Jul 2020 by Ruby Hinchliffe · FinTech Futures

Virgin Money has launched a four-week beta trial of its new app, ‘Home Buying Coach’.

The app is designed to help what the firm is calling ‘Generation Rent’ take their first steps on the property ladder.

Virgin Money’s Help to Buy ISA customers and colleagues have beta access

Part of Virgin Money’s wider digital transformation strategy, the app will offer users “expert insights” and personalised plans geared towards their first home purchase.

Licensed by Life Moments

Virgin Money has partnered with Life Moments, a part-social impact, part commercial business.

Life Moments licenses its platform First Time Coach to clients like Virgin Money on a subscription basis.

Since its fruition in 2018, its consumer app has helped more than 100,000 fist-time buyers.

“Home Buying Coach is a great example of how we can use our strategic partnerships to create innovative propositions that enhance the customer experience,” says Virgin Money’s transformation head, Simon Wallace.

Virgin Money says its four-week trial will “see thousands of customers” invited to download the app.

These thousands include its Help to Buy ISA customers, as well its colleagues. After which, a full launch of the app will commence.

Key features include an affordability calculator, a personalised plan with savings goals and timelines, and an in-app digital coach.

Focus on digital

To date, Virgin Money has around 6.6 million customers across the UK. The bank structures its services around personal accounts, mortgages and business accounts.

Earlier this month, the UK bank has restarted its job cuts and branch closures after putting plans on hold due to COVID-19.

Some 22 branches are closing due to “lower usage”. The bank is also sticking to its plan to slash a combined 16% of its workforce, representing 1,500 jobs.

“We are committed to integrating Virgin Money under one brand as a sustainable, innovative business that invests in improving its customer offer for the future,” says Lucy Dimes, group business transformation officer at Virgin Money UK.