Richard Branson was busy with the launch of a suite of new bank branches this week. Virgin Money opened its first branch in Newcastle, having taken over the troubled Northern Rock. Over the next year they will re-brand 75 Northern Rock branches, so this was the start of a big project for Branson, who has vowed to challenge high-street banks with his savings products.

During the launch Branson was splashed across the news dressed in jeans and bomber jacket – a style that automatically sets him apart from some of the other pin striped bankers we’ve seen on the news recently. This may have been a strategy to make him look more ‘down to earth’ but Branson has often been seen in a jumper rather than a suit, an image he likes to portray.

He’s also good at plain speaking, saying: “The Virgin Group has always gone into markets where there’s been an opportunity to make things better for customers. We’ve been doing it for 40 years… Now we want to do it for banking.”

That “40 years of better” message was given additional oomph on 8 January with the aid of a high-concept and well-made TV commercial, helmed by Moon and Source Code director (and David Bowie offspring) Duncan Jones.

So, at a time when other banks are shrinking and many bankers are trying to keep out of the news, did Branson get his launch right?

Virgin Money certainly had plenty of news organisations positively covering the event – and they knew it was vital to have the boss there, outside the new branch, promising to make an impact in a troubled industry, but humbly acknowledging it will take time. This, combined with a social media campaign inviting its followers to a big party – and not forgetting the Virgin Money-branded Newcastle United players winning this week – all helped the launch to go off with a bang.

Time will tell whether the new bank will revolutionise the market but we’d say it’s certainly started off the right way.

Your view

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