The retail bank intends to use its partner's "full breadth of services" to improve "all product lines" and is now being acquired by Nationwide Building Society for £2.9 billion, as per a statement.

This entails making use of Experian's cloud-based technology platform Ascend as well as its solutions for credit and lending, fraud protection, analytics, marketing, governance, and compliance.

In the first phase of the relationship, Virgin Money will relaunch its personal loan offering "later this year," enabling both current and potential consumers to apply for a fixed rate loan "via an enhanced digital journey." After that, "this autumn," Experian will expand the service to its consumer marketplace.

According to Experian, it will enable "a significant number of future projects" for Virgin Money that are scheduled to launch "over the course of the partnership," including the streamlining and consolidation of its real-time fraud and financial crime capabilities.

The collaboration "will help us drive improvements across the digital customer experience and support peace of mind for customers," says Katherine Lovell, head of unsecured lending at Virgin Money.

According to Lovell, clients would gain from the bank's usage of Experian's cloud-based technology as it will allow it to offer "more personalised products" and "faster, secure, streamlined applications" along the digital journey.

Since 2015, the two businesses have been involved in a business partnership, with Virgin Money using Experian's pre-qualification software to expedite its mortgage lending procedures.