As Snoop prepares for launch...
Gadhia: ‘I’m still searching for top job after Virgin Money’
Jayne-Anne Gadhia: looking for the answer
Former Virgin Money chief executive Jayne-Anne Gadhia has admitted she is still unsettled after leaving such a high profile job.
Mrs Gadhia spoke about her various roles in the last two years as she prepares to defy the lockdown gloom and threat of recession by launching her fintech business Snoop.
With thousands of small businesses struggling to stay afloat Mrs Gadhia will unveil the new app which uses artificial intelligence and open banking data to help consumers save money on bills and day-to-day spending.
But even with Snoop about to launch, she has admitted that after leaving a top banking job she remains on the lookout for something that would replace it.
“I feel I’m still searching for the complete answer post-Virgin Money, for sure,” she said in an interview.
Mrs Gadhia, who had been a senior executive at Royal Bank of Scotland prior to the 2008 crash, joined the Bank of England’s financial policy committee but gave up the role before it started, after being installed as the UK chief executive of the US software firm Salesforce.
But that was also short-lived. Within six months, she resigned from the role, saying it was more like being a “super sales director of our UK business within the matrix of a fantastically successful US company”.
She said: “For me that felt like a step back rather than a step forward.”
She stayed on as adviser at Salesforce and hasjoined a special committee overseeing a cultural overhaul at the insurance market Lloyd’s of London.
Snoop is backed by a 22-strong team, most of whom joined her when CYBG, the owner of Clydesdale bank, bought Virgin Money for £1.7bn two years ago.
Discussing her post-Virgin activities and plans for Snoop in Business Matters magazine, she said: “Because we’ve been used to so much change entrepreneurially, through our days together at Virgin and buying Northern Rock and the financial crisis … it’s meant that in a sense, this is another of those moments.”
She says this may even be a good time to be launching, just when every penny counts.
“The point of Snoop is to help people by analysing the data that they give us access to, to help people to live their lives more efficiently,” she says. “People are looking more and more for tips on where to spend, how to spend, how to save, and we can do all of that through data analytics.”
Snoop’s revenue will come from commission, when users choose money-saving deals on anything from utilities to TV subscriptions that Snoop recommends based on existing spending patterns.
It will also run on cash “tips” from users who want to offer thanks for the service.