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Experian expands partnership with Virgin Money

By Gloria Methri

June 24, 2024

  • Ascend
  • Digital Mortgages
  • Europe

Experian, Virgin Money, Digital Lending, Cloud, FinTech, UKVirgin Money has partnered with Experian to enhance the 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 its product lines.

Using the power of Experian’s data, analytics and cloud-based technology platform Ascend, Virgin Money will be able to deliver more personalised digital products, offer faster access, streamline the application process and provide instant approval for suitable products. It will also provide enhanced security and fraud protection and help drive continued innovation.

The first phase of the strategic partnership will enable Virgin Money personal loans to re-enter the open market later this year. This will allow existing and new customers to apply for a fixed-rate loan via an enhanced digital journey. Previously, these were only available to existing customers.

In addition, from this Autumn, Experian’s Marketplace will also offer personal loans from Virgin Money. Additionally, Virgin Money will launch a significant number of future projects powered by Experian throughout the partnership. This includes improving, simplifying, and consolidating its real-time fraud and financial crime capabilities.

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.”

This strategic partnership extends a commercial agreement Experian and Virgin Money have had in place since 2015.

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