Tyrone Constitution - Features - A Financial Philosophy to Live By

Features

A Financial Philosophy to Live By

Thursday, 7 April 2011

In the aftermath of the recent recession, it is more important than ever that financial providers are clear and up front about their business, being frank with customers so they know exactly what they're getting and don't end up with any surprises later on. This is why Virgin Money has worked so hard to construct a financial philosophy that benefits its customers - from ISAs to credit cards, customers can expect the very best service and easy to understand products.

So, what qualities are needed to make sure what you see is what you get?

Firstly, it's really important that everything begins and ends with the customer. After all, without them - without you - business would just be a shell; products with no one to sell them to. This means it's vital that the customer is involved at every step of the way, from deciding which are the very best products and deals to making sure they get fantastic service once they accept those deals.

This means that due care and diligence goes into Virgin Money's financial products to make sure they are top notch. Take credit cards, for example. Customers are always going to have different needs and circumstances and want to use their credit card for different things. This means that a 'one card fits all' philosophy is never going to be good enough.

This has led to the development of multiple credit cards, all with fantastic benefits, to make sure that all customers' needs are catered for. From competitive APRs to discounts on products such as holidays and gym membership, everything has been thought through to the last detail. When you take out a card, you can generally expect to enjoy an interest free period. Interest free credit cards are ideal for people who plan to pay off their balance fairly quickly and get control over their finances.

For those people who love to help others, there's a charity credit card that gives you cash back every time you use it. That cash back then goes to the charity of your choice, meaning you can support the good work of your favourite causes simply by choosing a certain credit card. Alternatively, if you are the sort who loves a good holiday, you could benefit from an air miles card, earning flight points when you use your credit card.

As well as a great range of credit cards and other products with competitive deals that are really relevant to what people want, it's really important that the staff you deal with are perfect for the job, too. More often than not, it will be them you speak to about your account or call to discuss the deals available to you, so it's absolutely crucial that they are properly trained and are enthusiastic about what they do. This means taking the time to make sure they really know what they are talking about and that they have the customer service skills necessary to be able to deal with people in an efficient, friendly manner, understanding the circumstances of different customers and being able to explain things simply and clearly.

Another really important pillar of a good financial philosophy is to make a positive impact on society. This entails recognising that profit is not the be all and end all of everything - it's possible to make a responsible profit while taking important actions that will ultimately benefit everyone. This comes about in the form of schemes designed to 'give something back'. One example of this is the charity credit card discussed above, which helps customers support their favourite causes.

But to really make a positive difference requires more than this, which is why Virgin launched Virgin Unite in 2004, a not for profit organisation that supports charities and other groups by utilising the resources available. This sort of action and responsibility then finds its way into financial products that help to give consumers the best possible deal, making things fairer for everyone.

Of course, things have been hard for many people over the past few years, with finances tight and problems reverberating around the world. This doesn't mean it won't get easier, though. With a deeper understanding of what people want and need, and an increasingly responsive range of products that appeal to customers - from charity cards to community action, interest free credit cards and competitive rates that offer a good deal for all - we can work together to make our economy fairer, freer and more open.