Virgin Money is set to adopt Experian’s cloud-based technology tools as part of a significant strategic alliance aimed at improving its digital customer experience.
As part of a £2.9 billion acquisition by Nationwide Building Society, the retail bank plans to utilize Experian’s extensive range of services to upgrade its entire product portfolio, according to a recent announcement.
The collaboration will involve using Experian’s expertise in credit and lending, fraud prevention, analytics, marketing, governance, and compliance, along with its Ascend cloud technology platform.
The initial phase of this partnership will reintroduce Virgin Money’s personal loan offerings to the market “later this year,” enabling both existing and new customers to access fixed-rate loans through a digitally enhanced process. Experian is set to expand these services to its consumer marketplace by “this autumn.”
Experian anticipates powering numerous future initiatives for Virgin Money, aiming to simplify and consolidate the bank’s real-time fraud and financial crime detection capabilities throughout the duration of the partnership.
Katherine Lovell, Virgin Money’s head of unsecured lending, states that the partnership will facilitate improvements across the digital customer interface and enhance customer reassurance.
Lovell also notes that employing Experian’s cloud technology in the digital application process will allow the bank to offer more tailored products and ensure faster, secure, and more efficient application procedures.
The two companies have maintained a commercial relationship since 2015, initiated when Virgin Money first utilized Experian’s pre-qualification platform to enhance its mortgage lending operations.
Source: fintechfutures.com
