Experian and Virgin Money have 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 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.

Virgin Money hopes the insights from Experian will help it continue as a big player in digital banking

Virgin Money will also be about to streamline the application process and provide instant approval for suitable products and continue to add to the comprehensive technology already in place that ensures customers and businesses can manage their finances securely and safely.

Furthermore, Virgin Money will gain insights that will fuel product development and will aim to 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.

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.

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