CYBG has announced that it all of its brands – Clydesdale, Yorkshire Bank, and B – will soon come under one moniker – Virgin Money.
As part of this consolidation exercise, the lender will also launch a new online and mobile mortgage hub, which will provide access to an artificial intelligence mortgage assistant.
It will also launch two new offerings into the broker market in the form of ‘Virgin Money Everyday’ and ‘Virgin Money Expert’, the former being aimed at the mainstream lending market and latter at complex cases.
The bank adds that it aims to maintain its 4 per cent mortgage market share.
CYBG chief executive David Duffy says: “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.
“Our plan for the new Virgin Money means that for the first time there will be a major disruptor that can serve the whole of the UK, combining technology with personal service and an absolute focus on being a customer champion. We are looking to reinvent the role a bank plays in people’s lives.
“The decision to retire brand names with such long and proud histories is not an easy one. Marrying the values and expertise of these heritage brands with the Virgin Money brand will allow us to realise efficiencies and grow our business throughout the UK.”