Experian and Virgin Money Forge New Partnership

In a significant move in the financial industry, Experian (LON: EXPN) and Virgin Money (LON: VMUK) have announced a strategic partnership aimed at enhancing Virgin Money's digital customer experience. This collaboration represents a concerted effort to integrate sophisticated services across various facets of Virgin Money's product offerings, utilising Experian's cutting-edge technology and extensive datasets.

Virgin Money will implement Experian's services including credit and lending, fraud prevention, analytics, governance, compliance, and marketing. These services will be applied across all product lines in an effort to provide a more seamless and personalized customer journey.

One of the key outcomes of this partnership will be Virgin Money's re-entry into the personal loans market later in the year. Leveraging Experian’s Ascend technology platform, Virgin Money intends to offer an improved digital journey for its fixed-rate loan products.

Experian is set to showcase its capabilities by making Virgin Money's personal loans available on its Marketplace from Autumn 2024. This collaboration not only connects customers with Virgin Money's lending options but also demonstrates the reach and value of Experian's financial services platform.

Another substantial commitment as part of the partnership is Virgin Money's investment of £130 million in the enhancement of financial crime prevention between the years 2024 and 2026. Through Experian's support, Virgin Money aims to bolster its capabilities in combating fraud and other financial crimes, an increasingly vital component of comprehensive customer protection.

The overarching goal of this alliance includes launching projects to further enhance the institutions’ abilities to tackle complex issues around fraud and financial crime. Experian’s expertise in data management and technology innovation positions it as a pivotal ally for Virgin Money in these endeavors.

Jose Luiz Rossi, Managing Director of Experian UK&I, has emphasised that this partnership is emblematic of Experian's evolution into a sophisticated data technology software company. Rossi believes that this collaboration will showcase how Experian's data management and analytics capabilities can transform the customer experience in the financial sector.

Echoing the positive sentiments, Katherine Lovell, Head of Unsecured Lending at Virgin Money, commented on how the partnership is set to drive substantial improvements in digital customer engagement. Lovell also emphasised the partnership's role in supporting customers' peace of mind through enhanced financial integrity and security measures.

The foundation of this collaborative venture dates back to 2015 through a commercial agreement between the two entities. The ongoing relationship between Experian, a global data and technology company, and Virgin Bur, a formidable Tier 1 bank committed to customer-centric banking solutions, signals a continued investment in creating a better experience for banking customers. This new phase in their partnership is set to redefine the standards of digital banking by leveraging data-driven solutions for customer satisfaction and financial security.