Virgin Money Initiates Strategic Partnership with Experian

Virgin Money and Experian Announce Strategic Partnership
Virgin Money is set to integrate Experian’s comprehensive suite of cloud-based technologies, which includes credit and lending services, fraud prevention, analytics, and compliance tools. The partnership will initially focus on offering personal loans to both new and existing Virgin Money customers later this year, expanding from the current provision limited to existing customers. Additionally, Experian’s Marketplace will feature Virgin Money’s personal loans starting this fall.
Virgin Money, a major UK bank with 6.6 million customers, aims to leverage Experian’s data and analytics to provide personalized financial products, streamline application processes, enhance security, and support product development. Katherine Lovell, Virgin Money’s Head of Unsecured Lending, highlighted the partnership’s potential to improve digital customer experiences and promote customer peace of mind.
Experian’s managing director for the UK&I, Jose Luis Rossi, emphasized the partnership as a milestone in Experian’s evolution into a data technology software company. This collaboration coincides with Virgin Money’s impending acquisition by Nationwide Building Society for $2.7 billion, which will create the UK’s second-largest provider of mortgages and savings. Moreover, Experian has recently acquired a stake in Reward, a company specializing in bank and retail rewards programs, to expand its solutions internationally.