Bank of Queensland has realised a pet project of chief executive George Frazis, launching a revamped Virgin Money Australia as a digital bank.
Virgin Money has expanded beyond its credit card, insurance and superannuation offerings and now has a transaction account and two savings accounts.
It is running on a cloud-based Temenos platform, with services delivered via a mobile app. The next phase of development will include home loans and an open banking capability.
A point of difference is that the Virgin Money Go transaction account includes a loyalty program. Customers will earn reward points on transactions, as long as minimum monthly deposit requirements are met.
Canstar said the only other bank with rewards attached to a transaction account is Bankwest, which offers Qantas points on transactions.
The Virgin Money Boost savings account has a competitive rate of 1.2 per cent (a base rate of 10 basis points plus a bonus rate of 1.1 per cent).
BOQ chief executive George Frazis said the Temenos platform would be the common platform for all BOQ retail brands in future.