Virgin Money taps Experian to streamline digital customer experience
Virgin Money is set to leverage the cloud-based technology tools of global financial services firm Experian as part of a comprehensive strategic partnership in an effort to enhance its digital customer experience.
Virgin Money enters strategic partnership with Experian
The retail bank – currently subject to a £2.9 billion takeover by Nationwide Building Society – plans to utilise its partner’s “full breadth of services” to enhance “all product lines”, according to a statement.
This includes leveraging Experian’s solutions for credit and lending, fraud prevention, analytics, marketing, governance and compliance, as well as its cloud-based technology platform Ascend.
Phase one of the partnership will see Virgin Money’s personal loan service re-enter the market “later this year”, allowing existing and new customers to apply for a fixed rate loan “via an enhanced digital journey”. Experian will then extend the service to its consumer marketplace “this autumn”.
Experian says it plans to power “a significant number of future projects” for Virgin Money – including the simplification and consolidation of its real-time fraud and financial crime capabilities – set to launch “over the course of the partnership”.
Katherine Lovell, head of unsecured lending at Virgin Money, comments that the partnership “will help us drive improvements across the digital customer experience and support peace of mind for customers”.
Lovell adds that the use of Experian’s cloud-based technology during the digital journey will benefit customers by enabling the bank to provide “more personalised products” and “faster, secure, streamlined applications”.
The two companies have been engaged in a commercial agreement since 2015, when Virgin Money first tapped Experian’s pre-qualification platform to streamline its mortgage lending processes.
