This collaboration will integrate Experian’s suite of cloud-based technology services, encompassing credit and lending solutions, fraud prevention, analytics, governance, compliance, and marketing services across all Virgin Money products.
The partnership will leverage Experian's data and analytics capabilities through its cloud-based platform, Ascend, enabling Virgin Money to deliver a more personalised range of digital products tailored to individual customer needs. The integration will also streamline application processes, allowing for faster access to services and instant approval for suitable products. Enhanced security measures will be implemented to bolster fraud prevention and ensure safe financial management for customers and businesses. Additionally, the partnership aims to drive innovation in product development, keeping Virgin Money at the forefront of the digital banking sector.
The initial phase of this partnership will facilitate the re-entry of Virgin Money’s personal loans into the open market later in 2024, allowing both existing and new customers to apply through an improved digital application process for fixed-rate loans. From Autumn 2024, Virgin Money’s personal loans will also be available on Experian’s Marketplace.
This collaboration aligns with both companies’ commitment to helping customers achieve financial well-being and will support numerous future projects powered by Experian. This includes enhancing Virgin Money's real-time fraud and financial crime capabilities, as part of a broader GBP 130 million investment in a financial crime prevention programme from 2024 to 2026.This strategic partnership extends a commercial agreement between Experian and Virgin Money that has been in place since 2015, which includes services like a mortgage pre-qualification platform.
Cloud-based technologies in banking offer numerous advantages, including scalability and flexibility. Scalability allows banks to adjust their operational capacity smoothly to meet varying customer demands, ensuring they can efficiently handle fluctuations in transaction volumes without the need for extensive infrastructure changes. Flexibility, on the other hand, provides banks the agility to swiftly adapt to evolving market conditions and customer preferences, facilitating a dynamic and responsive customer experience.
Enhanced data management is another significant benefit of cloud technology. Centralised data storage in the cloud enables the consolidation of data from diverse sources into a unified system. This centralised approach allows Virgin Money to manage, access, and analyse data more effectively, leading to improved decision-making and a more streamlined customer experience. Additionally, the cloud provides real-time data access, which is crucial for making timely and informed decisions.
Furthermore, the adoption of cloud technology will facilitate the development of new digital products and services at a faster pace. Virgin Money will be able to quickly test and deploy new financial solutions. This agility in product development is essential for maintaining a competitive edge in a rapidly changing industry.
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