Virgin Money and Experian join forces to make payments faster and safer

Virgin Money has announced an expanded strategic partnership with Experian, aimed at enhancing its digital customer experience through the use of Experian’s cloud-based technology. This collaboration will see Virgin Money leveraging Experian’s comprehensive suite of services, including credit and lending, fraud prevention, analytics, governance, compliance, and marketing services across all product lines.

The integration of Experian’s cloud-based technology platform, Ascend, will enable Virgin Money to deliver more personalised financial products tailored to individual customer needs. By utilising Experian’s data and analytics, Virgin Money aims to streamline the application process, offering faster access and instant approval for suitable products. Enhanced security measures and fraud protection will also be a key focus, ensuring that customers can manage their finances securely.

The first phase of this partnership will see the reintroduction of Virgin Money’s personal loans to the open market later this year, allowing both existing and new customers to apply for fixed-rate loans via an enhanced digital journey. Additionally, from Autumn 2024, Experian’s Marketplace will offer personal loans from Virgin Money, further expanding customer access to financial products.

Jose Luiz Rossi, Managing Director of 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.

“The Virgin team 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.”

Looking ahead, Virgin Money plans to launch several future projects powered by Experian. These initiatives include improving, simplifying, and consolidating real-time fraud and financial crime capabilities. Virgin Money has committed to investing £130 million in a financial crime prevention programme between 2024 and 2026, reflecting its dedication to safeguarding customer interests.

Katherine Lovell, Head of Unsecured Lending at Virgin Money, commented, “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.”

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