Virgin Money Partners with Experian: Key Points
- Strategic Partnership:
- Virgin Money is partnering with Experian to enhance its digital customer experience.
- The partnership aims to leverage Experian’s cloud-based technology tools and services.
- Technology Utilization:
- Experian’s solutions for credit and lending, fraud prevention, analytics, marketing, governance, compliance, and its cloud-based platform Ascend will be used.
- The focus is on improving all product lines of Virgin Money.
- Initial Phase:
- Phase one will reintroduce Virgin Money’s personal loan service later this year.
- Existing and new customers will benefit from a fixed-rate loan via an enhanced digital journey.
- Experian’s service will extend to its consumer marketplace in the autumn.
- Future Projects:
- Experian will power various future projects, including simplifying and consolidating real-time fraud and financial crime capabilities.
- These projects are expected to launch over the course of the partnership.
- Benefits:
- Katherine Lovell, head of unsecured lending at Virgin Money, highlights improvements in the digital customer experience and customer peace of mind.
- The use of Experian’s cloud-based technology will allow for more personalized products and faster, secure, and streamlined applications.
- History of Collaboration:
- Virgin Money and Experian have had a commercial agreement since 2015.
- Initially, Experian’s pre-qualification platform was used to streamline Virgin Money’s mortgage lending processes.
- Takeover Context:
- The partnership announcement comes amid a £2.9 billion takeover of Virgin Money by Nationwide Building Society.
