A PERPETUAL EDGE ON INNOVATION

How CSI is supporting digital transformation in a financial services leader with a perpetual edge on innovation.

Our client: Virgin Money is a UK-based retail bank focussed primarily on mortgages, savings and credit cards through a range of channels including digital (online and mobile) as well as intermediaries and contact centres.

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Context

Virgin Money constantly seeks to equip intermediaries with the tools they need to match borrowers to mortgage products that are best suited to their individual financial needs.

To make the company’s proposition the best that it can be, Virgin Money listened hard to what intermediaries wanted and built the Mortgage Lab.

Goal

With high volumes of Virgin Money’s lending going through its intermediary channel, innovating its offering is key.

As importantly, new services have to get to market as quickly as possible.

Challenge

The Mortgage Lab assesses risk, simplifies the mortgage application process and ensures the retention of customers when they reach the end of their financial deals with Virgin Money.

To improve use of these tools, it was decided to move the original Virgin Money Online system from a desktop-installation to a virtualised application that could be accessed from a browser on any device, anywhere.

PROMOTING THE IMPORTANCE OF ADVISERS AND BUILDING STRONG RELATIONSHIPS WITH PARTNERS ARE KEY COMPONENTS OF VIRGIN MONEY’S MORTGAGE PROPOSITION. NOW INTERMEDIARIES CAN CARRY OUT THEIR CORE WORK SIMPLY AND EASILY WHEN ON THE GO.

Peter Rogerson, Director of Mortgages, Virgin Money

Solution

CSI implemented a web-enabled, digital application to enable access to the Mortgage Lab tools via the Virgin Money Intermediary Portal. This portal acts as a ‘one-stop shop’ for the needs of the intermediary which can support their work and take away any technological restrictions.

Using CSI’s application aggregation product ‘Workspace’, intermediaries are able to access corporate applications, file stores and data from any device, on the go, from any location.

Outcomes

An optimised experience allows client decisions on borrowing to be made more quickly and efficiently than before. The solution provides an adaptable interface that incorporates all levels of an intermediary’s work including risk and compliance, mortgage checks, access to the latest updates on rates and products coupled with features such as the affordability calculator and industry applications.

The application maintains the high security and compliance standards of Virgin Money’s core systems. Additionally, new developments can be created in a safe R&D ‘sandbox’ which enables Virgin Money to improve its service with minimal impact to its existing operations.

1.45M

Virgin Money provides credit cards products, predominantly online, to 1.45m customers.

365K

By the end of 2018, Virgin Money had 365,000 mortgage customers.

2017

Virgin Money was recognised at the Mortgage Finance Gazette Awards 2017 in the categories of Best Intermediary Lender and the Innovation for lenders awards.