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 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.