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 Experian’s
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240624901033/en/
Vicki Cook, Head of Corporate and B2B PR, Experian UK&I Tel:
+44 7977 798 173 / Email: vicki.cook@experian.com
Experian (LSE:EXPN)
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