RAISE A GLASS TO THE BANK THAT LIKES TO SAY ‘CHEERS’

COULD the Irishman offering free wine and mobile deals to attract customers to his UK bank transform our banking culture too?

This week, David Duffy, head of Virgin Money in Britain, unveiled a rewards scheme that will give the bank’s current account customers access to hefty discounts on the broadband, gym memberships and holidays sold by its sister brands in the Virgin Group.

Initially, all Virgin Money current account customers will be offered a discount worth around €250 on Virgin Media packages – potentially slashing up to a fifth off the cost of broadband, TV and a phone line.

Customers who switch to Virgin Money from another bank will also get a case of 15 bottles of wine through Virgin Wines. Then, in future, Mr Duffy hopes to offer other Virgin Group perks such as Virgin Holidays and gym membership.

Before joining Virgin, Mr Duffy became chief executive of AIB in 2011, tasked with rebuilding the bank’s balance sheet and reputation after it almost collapsed in the financial crash.

Nothing similar to Virgin’s scheme – called Brighter Money Bundles – exists here or in the UK. But it could trigger copycat moves on both sides of the Irish Sea.

‘We want to offer both banking and lifestyle services in the same place – and we can do that because we’ve got the brand recognition,’ he told the Irish Mail On Sunday.

‘We want to provide banking products with a better service and technology than anyone else, but also a range of other services – whether that’s gyms or wines or something else.

Virgin Money hasn’t announced any plans to launch in Ireland. But its latest development will be watched with interest here, where banking innovators such as PTSB, An Post and Revolut have already offered discounts and link-up deals with other non-banking product providers.