The group, which includes Clydesdale Bank, Yorkshire Bank and Virgin Money, will also commence a rebranding of all its banking offerings under the Virgin Money name this year.
Announcing the changes, the lender said it was aiming to maintain around a four per cent share of the mortgage market.
Two new branded offerings will be launched for the broker market: Virgin Money Everyday for mainstream lending and Virgin Money Expert for more complex lending offers, “combining the strengths of both Virgin Money and CYBG in the mortgage market,” the lender said.
It added that mortgage customers and brokers would benefit from significant investment across all mortgage channels.
This will include “leveraging of APIs (application programming interfaces) and wider technology capabilities to enhance the broker platform and extend reach to thousands of new broker partners”.
A new online and mobile mortgage hub for consumers including an artificial intelligence mortgage assistant will also be launched.
Rebrand timetable
CYBG PLC will change its name to Virgin Money UK PLC in late 2019, with the entire business to operate under the Virgin Money brand by the end of 2021.
The rebrand of the B digital bank to Virgin Money will begin in 2019, to complete in the first half of 2020, includes the rebranding of B’s flagship stores to Virgin Money.
Yorkshire Bank will begin rebranding in late 2019 and Clydesdale Bank will begin in the second half of 2020.
The lender noted that the decision to retire the Clydesdale and Yorkshire brand names was not an easy one, but doing so would allow it to realise efficiencies and grow the business throughout the UK.
A Virgin money branded business bank will also be launched by summer 2020 with a full-service current account going live by the end of this year.
Desire to disrupt
Addressing the rebrand and updated medium-term strategy, CYBG CEO David Duffy highlighted that consumers were increasingly using technology to complete the financial transactions.
“Banking is changing at an unprecedented rate. Consumers are using new technology in every part of their lives. With amazing customer experiences available in other industries, they are rightly demanding so much more from their banks,” Duffy said.
“We have a clear ambition to disrupt the status quo with the new Virgin Money. Our new financial targets will deliver a significantly more efficient and profitable business with strong and sustainable returns for our shareholders.
“Despite the ongoing Brexit headwinds and continued competitive pressures, the strength of the combination gives us every confidence we will deliver on our targets,” he added.
