HooYu, the leading customer onboarding and KYC technology provider, is partnering with Virgin Money, the full-service digital bank, to implement a new account opening journey for Virgin Money customers.
Virgin Money is focused on delivering great customer experiences and, following a review of their account opening processes as well as an extensive RFP process, they have redefined their new customer journey in partnership with HooYu.
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. Different versions of the customer onboarding journey were created depending on whether the customer was applying for a current account or a credit card.
What once took at least several days when database checks failed, is now a seamless process reducing KYC abandonment, and increasing account opening conversion. The digital KYC journey allows the user to continue their application, with HooYu providing selfie capture, liveness detection, ID document capture and validation, facial biometrics, address proofing and geolocation.
Linda Robertson, Head of Digital Customer Experience at Virgin Money, commented, “Our smart digital tools put our customers in control and the HooYu journey helps our customers to successfully pass KYC where traditional name and address checks fail. We chose to work with a regtech partner like HooYu because their platform enables us to easily build a range of digital onboarding journeys that are simple for our new customers to complete.”
David Pope, HooYu Marketing Director, added, “As banks like Virgin Money obsess about the digital customer experience, eliminating abandonment and driving conversion, they turn to HooYu to help them redefine their new account journeys and achieve their origination goals. It’s our job to help banks like Virgin Money to orchestrate KYC services and easily configure and deploy with a great customer journey.”