Virgin Money Partners with Experian to streamline Customer Experience and Digital Services

The retail bank, which is currently undergoing a £2.9 billion takeover by Nationwide Building Society, plans to utilize its partner’s comprehensive services to enhance all product lines, according to a statement.

This will include leveraging Experian’s solutions for credit and lending, fraud prevention, analytics, marketing, governance and compliance, as well as its cloud-based technology platform, Ascend.

In the first phase of the partnership, Virgin Money’s personal loan service will re-enter the market later this year, allowing both 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 plans to support a significant number of future projects for Virgin Money, including the simplification and consolidation of its real-time fraud and financial crime capabilities, which will launch throughout the partnership.

Katherine Lovell, head of unsecured lending at Virgin Money, commented that the partnership will help drive improvements across the digital customer experience and provide peace of mind for customers.

Lovell added that the use of Experian’s cloud-based technology during the digital journey will benefit customers by enabling the bank to offer more personalized products and faster, secure, streamlined applications.

The two companies have been in a commercial agreement since 2015, when Virgin Money first utilized Experian’s pre-qualification platform to streamline its mortgage lending processes.