Virgin Money revamps customer onboarding with HooYu
Virgin Money, the UK’s sixth largest bank, has engaged HooYu, a customer onboarding and know your customer (KYC) technology provider, to implement a new account opening journey for its customers.
Virgin Money revamps customer onboarding with HooYu. Image source: Virgin Money
The deal was a result of “an extensive RFP [request for proposal] process”, HooYu says.
“Manual steps and offline processes for customers that fail the database check process were eliminated and the journey was digitalised with a custom branded HooYu journey integrated into the Virgin Money site,” the vendor explains.
HooYu provides selfie capture, liveness detection, ID document capture and validation, facial biometrics, address proofing and geolocation.
Also, different customer journeys were created for different products such as credit cards and current accounts.
“We chose to work with a regtech partner like HooYu because its platform enables us to easily build a range of digital onboarding journeys that are simple for our new customers to complete,” comments the bank’s head of digital customer experience, Linda Robertson.
Virgin Money is a full-service bank, serving 6.5 million retail and business customers across the UK. It was formed as a result of a 2018 merger of two financial institutions, CYBG and Virgin Money.
HooYu was founded in 2015 and is based in London, UK. It is used by large banks such as NatWest and challenger banking services and fintechs such as Countingup, EasyMoney, Muniy and Suits Me.
