How Virgin Money UK successfully embraced the digital disruption in the banking industry
Customer
Virgin Money UK
£30k reduction in research costs
Decrease in complaints volume
Increase in overall Relationship NPS
Challenge
The banking industry is constantly evolving, and with the explosion of digital banking, Virgin Money UK realised that although their loyal customers provided a strong foundation for their future, they needed to target a younger, 'digitally-enabled' customer to remain competitive. However, these customers demand superior customer service. They want simplicity, and to be treated as individuals. Therefore, Virgin Money UK’s ambition is to disrupt the status quo and encourage consumers to ‘Say Hello to Brighter Money’.
Solution
They launched an intuitive digital banking app for their Personal Current Account customers targeting this new segment they had identified. The launch and success relied on the team placing the voice of the customer at the heart of the business to understand their new customer and deliver relevant, rewarding interactions at every touch point.
By working closely with Alida, the team started to understand the 'why' behind their existing customer data. The 'Brighter Money Matters' digital insight community empowered them to build, launch, and start learning from their customers quickly and efficiently. The success metrics are evident; 20% response rate within the community, vs a historic 3%.
The actionable results in less than 24 hours gave the research team the ability to test ideas overnight within the digital insight community, and send the results to development the very next day. This allowed them to constantly innovate around immediate customer feedback, ensuring their customer experience constantly exceeds competitors.
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