Virgin Money to launch Personal Loans in Australia

In typical Virgin 'language lingo' an eDM has been sent to 'pre-registered' parties notifying that Virgin Money Australia will soon launch a Personal Loan product.

No details on rates, terms, fees and all the product specifics as yet, however for those who like the Virgin brand, this one could be for you!

What does seem of interest is that Virgin Money have progressed a consumer lending product ahead of deposits... Maybe 'head in sand', but apparently there is a liquidity and credit issue at the moment - Why lend more when banks like Macquarie (who power Virgin Home Loans) have stopped?...

Here is the copy from the eDM:

We promised you'd be the first to know about our brand new Virgin Money Personal Loans. Well guess what? You are.

We've been working hard to bring you the very best range of personal loans that are easy to apply for (from application to getting the dosh, it's all online) and easy to live with (flexibility, no hidden charges, no early repayment fees).

So how do we know how to get it right here at Virgin Money? We worked out exactly what the banks were doing wrong! Look at our little friends at the top of this page to see what people have to put up with when they apply for a personal loan with the big banks and you'll understand what we mean. You may have experienced some of this agony yourself at some time.

In a few weeks we'll be ready to roll out the red carpet and send you an invitation to apply for a Virgin Money Personal Loan. And our promise is this: It won't hurt a bit. In fact, we'll make it so easy it's sure to put a smile on your face.

Until then, may your world be as pain-free as possible.

Lots of love

ABA offers a range of stats

The ABA site offers a range of high level industry stats on accessability (a good one), community involvement, competition, fees, profits, and a section called New Ways of Banking which details electronic banking and other new forms to interact with your finance. Another page of interest is titled ABA's Accessiblity of Electronic Banking - a set of industry standards that includes action plans. A good resource for all your business cases out there.

BarCampBank

Dont forget to get involved with your local BarCamp chapter, BarCampBank. Of course, being banking (even retail banking), its hosted in exotic locations in Europe and the US, so maybe we need to start a local chapter here in Melbourne/Sydney.

SmartMoney Marketmap

Have a look at the SmartMoney Market Map. This is old, I think it was one of the first great executions of web ability I saw many years ago, but its still so simple, deep and thorough that it works for me. Basically it represents the US stock market sectors and listed companies, with the size of the shape representing the market cap and colour - red to green - indicating share performance on the latest trading day. Click on any item and get access top an incredible array of data, including share price movements, history, and a category called Insiders, which tracks staff and board share sales and purchases.

Citi Mobile Banking goes live in California

Netbanker reports on Citi's new mobile banking application. Citi have launched the pilot in Southern California only with a national rollout to come, and have integrated normal phone password autehntication. The service offers account information, payments, transfers, citi locations and other services. The actual Citi page can be found here.

BoQ IT costs go up with branch expansion

Sounds obvious, but BoQs expansion of their branch network, and subsequently their need to upgrade and install Telstra lines has meant their IT requirements and (presumably) capex to rise by around $32m.

Bendigo Bank - your new web developer

Bendigo offers Web Partner TM, to help small web-based businesses get up and running. Services include web design, photography, hosting, even online marketing. SME businesses will probably be attracted to this for sheer ease of implementation and lack of knowledge in the web space, but may also question why a bank is spending their fees on creating this service.

Deloittes 2007 predictions - Financial Services

Carrying on from the Deloitte 2007 technology predictions, they've also got an interesting PDF on the future of Financial Services. Have a read. They discuss the market drivers and operating challenges we face, with it seems an emphasis on cost consolidation or outsource (look out India). Combining back offices certainly seems to make sense. Imagine if the ANZ, NAB, CommBank and Westpac all used the same payroll company, or staff super fund, or accounting business, or even call centre ... just my thoughts.

eTrade gets swallowed by ANZ

ANZ have increased their holding in eTrade to 100% (pending shareholder approval) to attach the strong online broking brand to their wealth management offering. A consumer broking brand makes sense when you're looking to extend the customers portfolio across the divisions of the bank.

Things that will be different in banking in 2007

James Gardner at BankerVision tells us what we might see in 2007 in this list. Some ominous warnings against banks that just don't get it - that simply don't understand what this space is about. Some bankers think that because they're in the financial services industry, things always move slow. The problem is, their customers are moving at a phenomenal pace, with their demands on technology AND customer service AND price all putting pressure on banks to innovate. I fear Australian banks are not heeding the call. Some people just don't want to know.

Another article he has is called Channels Don't Matter, which argues that its the sum of the parts rather than the individual parts themselves that make the difference. I understand his direction, but is it too early to dismiss the multi-channel model?