The Financial Services Authority has granted a banking license to start-up Metro Bank, which promises to usher in a new era of financial services provision based on old-fashioned deposit-based lending and superior customer service standards.
I'm always amazed how company representatives can slip into "marketing speak" without any sense of irony. For the head of Virgin Bank to claim Virgin has an ethos of not "ripping people off" does not pass the "red face" test for me. Has anyone from Virgin
ever travelled by Virgin Train?
In over 25-30 trips on Virgin Trains between London, Crewe, Manchester and elsewhere in UK, I have surely encountered a vast range of ticket prices depending upon the time of the day and the day of the week. But, I never thought I was being ripped off because
the widely-varying prices were known to everyone in advance.
Unlike most airlines, Virgin Atlantic conducts onboard customer satisfaction surveys. Not just that, when I'd complained about something or the other not working on the aircraft, someone from the CEO's office of Virgin Atlantic actually bothered to reach
out to me. In another instance, when I contacted Virgin Atlantic in connection with a ticket that had been declared void at the time of check-in, I got a prompt response and a resolution to the problem that was found to be caused by the online travel agency
through which I'd booked the ticket.
Based on my personal experience, therefore, I have no hesitation in believing Virgin's claims of not ripping off its customers, and wish its banking initiative all success.
© Finextra Research 2014