Experian and Virgin Money 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 Moneypersonal 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. 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 Exchangehere 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.