The tools enables Virgin Money’s Business Current Account customers to make more informed financial decisions
Virgin Money, in partnership with fintech company, Strands, has introduced a free digital money management package for small business customers to help them visualise their financial operations.
The financial services firm claimed itself as the first UK bank and Mastercard issuer to provide money management to enable small business owners take control of their finances.
The new digital money management platform is backed by Artificial Intelligence (AI), and is aimed at providing advanced and personalised banking experience.
Virgin Money said that its new offering will allow its Business Current Account (BCA) customers to make informed financial decisions, based on clear insights and analysis of their finances.
Strands CEO Erik Brieva said: “We’re delighted to partner with Virgin Money, one of the most innovative and customer-centric banks in the UK, with a strong emphasis on digital excellence.
“By leveraging the power of AI, Virgin Money is equipping SME owners with a truly comprehensive and personalised banking solution, as well as positioning itself as a trusted financial advisor to its customers.”
Virgin Money’s Money Management will understand and track business spending
The Money Management package is expected to offer a snapshot of cash in and out in a day, allowing the business owners to plan early and for the long-term.
The tool has been designed to create sales invoices, track the unpaid, paid, or overdue payments, and creates visual budgeting graphs that automatically update with live transactions.
Virgin Money said that its digital offering is capable of understanding and tracking business spending using different filters including time period, client provider or category. The platform presents the data automatically in graph.
The bank allows its customers to access the free digital tool through its online desktop business platform, backed by 24 hours chat support.
Virgin Money small and medium business director Sue Douthwaite said: “As a nation packed with almost six million SMEs, representing 99% of all businesses, it is so important that they have all the tools to help them succeed, particularly in today’s climate where pressure is coming from all sides.
“The easier it is for SME owners to juggle day-to-day operations and cashflow, the more time they have to plan their future growth.