Virgin Money revolutionises customer onboarding processes
“Virgin Money has delivered dramatic operational efficiency and customer experience outcomes with Pega and Accenture. As an example, account opening journeys for one product have been reduced from 15 days to 15 minutes.”
The Business Issue
In 2019, CYBG, owners of the Yorkshire Bank and Clydesdale Bank brands, completed their acquisition of Virgin Money, with the newly combined organisation commanding a position as the UK’s sixth largest bank, with circa 10,000 employees and 6 million customers.
To capitalise on the opportunity that this presented, Virgin Money needed to both revolutionise the way that customers interacted with the bank and reduce the time that staff spent on manual, non-value-add activities.
Account opening and onboarding processes typically took between seven to fifteen days to complete, with prospective customers required to provide multiple pieces of information, and often visit a Virgin Money branch. These journeys needed to become streamlined and intuitive to allow Virgin Money to maximise customer conversion rates and release staff to focus on higher-value work.
Virgin Money selected Accenture as their Pega implementation partner to transform the bank’s account opening processes across a number of products including credit cards, loans, business accounts, and savings.
Using case management on the Pega Platform, reusable components were developed in areas such as customer data capture, identity verification, and product offer. These common building blocks were then deployed across the account opening processes for multiple products, allowing journeys to be customised and delivered within a single two-week sprint.
Using a rapid delivery methodology, enabled by Pega’s agility tools, Virgin Money was able to quickly implement automated and engaging account opening journeys for multiple products, that worked across all Virgin Money channels – web, branch, phone, and mobile app.
- Reduced account opening time from over 15 days to 15 minutes
- Implemented working applications via single two-week sprints
- Completed the end-to-end account opening journey by customers via digital channels, with no requirement to visit a Virgin Money
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