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Virgin Money taps Experian to streamline digital customer experience

Virgin Money Partners with Experian: Key Points

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Takeover Context:
    • The partnership announcement comes amid a £2.9 billion takeover of Virgin Money by Nationwide Building Society.

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