Experian and Virgin Money have announced a strategic partnership aimed at enhancing Virgin Money's digital customer experience. The partnership will leverage Experian's suite of cloud-based technology, including credit and lending, fraud prevention, analytics, governance, compliance, and marketing services across all product lines. By utilizing Experian's data, analytics, and state-of-the-art cloud-based technology platform Ascend, Virgin Money aims to deliver more personalized digital products, streamline the application process, provide enhanced security and fraud protection, and drive continued innovation.
The first phase of the partnership will enable Virgin Money personal loans to re-enter the open market later this year, with an enhanced digital journey for a fixed-rate loan. Additionally, Experian's Marketplace will offer personal loans from Virgin Money starting from Autumn 2024. The partnership aligns with Virgin Money's commitment to invest in a financial crime prevention program, with plans to improve, simplify, and consolidate its real-time fraud and financial crime capabilities.
Jose Luiz Rossi, Managing Director of Experian UK&I, highlighted the significance of the partnership, stating that it showcases Experian's evolution into a data technology software company. Katherine Lovell, Head of Unsecured Lending at Virgin Money, expressed excitement about the partnership, emphasizing the potential for driving improvements across the digital customer experience and supporting peace of mind for customers.
The strategic partnership builds upon a commercial agreement between Experian and Virgin Money since 2015, with Virgin Money already utilizing services like the mortgage pre-qualification platform. The collaboration aims to benefit both companies and their customers, with a focus on enhancing the digital customer experience and expanding product offerings.
For more information, viewers can watch the latest episode of Experian Exchange, where Nick Dagg, Managing Director for GTM, Experian UK&I, discusses the collaboration with Virgin Money and the strategies financial brands must adopt to stay ahead in a landscape of shifting customer expectations.
Experian is a global data and technology company, while Virgin Money is a Tier 1 bank with 6.6 million retail and business customers across the UK. The partnership aims to bring the best of the Virgin brand to make banking better and enable customers to achieve their financial goals.