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Experian Announces Strategic Partnership With Virgin Money to Streamline and Personalise Digital Customer Experience

Experian and Virgin Money today announced a strategic partnership to enhance Virgin Money’s digital customer experience by leveraging its suite of cloud-based technology. The partnership will see Vi...

Business Wire

LONDON: Experian and Virgin Money today announced a strategic partnership to enhance Virgin Money’s digital customer experience by leveraging its suite of cloud-based technology. The partnership will see Virgin Money use Experian’s full breadth of services including credit and lending, fraud prevention, analytics, governance, and compliance as well as marketing services across all their product lines.

Using the power of Experian’s data, analytics and state-of-the-art cloud-based technology platform Ascend, Virgin Money will be able to:

  • Deliver more personalised digital products: Utilising Experian’s data and analytics, customers will receive the best financial products for their own unique circumstances.
  • Offer faster access: Streamline the application process and provide instant approval for suitable products.
  • Provide enhanced security and fraud protection: Continue to add to the comprehensive technology already in place that ensures customers and businesses can manage their finances securely and safely.
  • Drive continued innovation: Gain insights that will fuel cutting-edge product development and keep Virgin Money at the forefront of the digital banking market.

The first phase of the strategic partnership will enable Virgin Money personal loans to re-enter the open market later this year so that existing and new customers can apply, via an enhanced digital journey for a fixed rate loan. Recently these were only available to existing customers. In addition, from this Autumn (2024), Experian's Marketplace will also offer personal loans from Virgin Money.

With an aligned purpose to help people feel happier about money and achieve their financial goals, there will be a significant number of future projects, powered by Experian, that Virgin Money will launch over the course of the partnership. This includes improving, simplifying, and consolidating its real-time fraud and financial crime capabilities following Virgin Money’s commitment to invest £130 million on a financial crime prevention programme between 2024 and 2026.

Jose Luiz Rossi, Managing Director, Experian UK&I, said: “This new strategic partnership is an important chapter in showcasing Experian’s evolution into a data technology software company. The team at Virgin Money can see the best-in-class team, data, and software we have and how it will help them realise their long-term ambitions. Virgin Money is an innovative brand and one that aligns perfectly with our mission. Together, we can truly make a positive impact in a way that benefits everyone.”

Katherine Lovell, Head of Unsecured Lending at Virgin Money, said: This is an innovative and exciting partnership with Experian that will help us drive improvements across the digital customer experience and support peace of mind for customers. From more personalised products to faster, secure, streamlined applications, customers will benefit from Experians state-of-the-art cloud-based technology during the digital journey. We’re delighted that we are already harnessing the partnership to expand our personal loans products, available later this year.”

This strategic partnership is an extension to a commercial agreement Experian and Virgin Money have had in place since 2015 with Virgin Money utilising services like the mortgage pre-qualification platform.

Watch the latest episode of Experian Exchange here where Nick Dagg, Managing Director for GTM, Experian UK&I, discusses the collaboration with Virgin Money as well as the strategies financial brands must adopt to stay ahead in a landscape of shifting customer expectation.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics, and software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agribusiness, insurance, and many more industry segments.

We invested in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

About Virgin Money

Virgin Money is a Tier 1 bank with 6.6m retail and business customers across the UK, bringing the best of the Virgin brand to make banking better and enable customers to achieve their financial goals.

Led by its purpose of ‘making you happier about money’, Virgin Money offers a range of straightforward, award-winning products including current accounts, credit cards, savings, investments, mortgages, pensions, loans and more. Rewarding, digital-first customer experiences are central to its ambition of becoming the UK’s best digital bank, supported by a network of stores, contact centres and relationship managers.

Through the Virgin Money Foundation and key partnerships, the bank also delivers positive change in society as part of its progressive sustainability and ESG agenda. An inclusive and ambitious culture for c.7,000 FTE colleagues is fostered through ‘A Life More Virgin’ policy, encouraging colleagues to work in a healthy, flexible, digitally led environment.

Headquartered in Glasgow with major offices in Newcastle upon Tyne and London, Virgin Money is a FTSE 250 company, dual-listed on the London Stock Exchange (VMUK) and the Australian Securities Exchange (VUK). Since 2019, Clydesdale Bank and Yorkshire Bank have been rebranded as Virgin Money.

Fonte: Business Wire

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