Virgin Money deploys refined customer onboarding journey using HooYu orchestration and UI journey tools
London 22nd February 2022 – 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’ve 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.”
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About HooYu
HooYu is a global customer on-boarding platform that provides UI & UX tools to deliver customised mobile or desktop digital journeys. HooYu is engineered not only to increase the integrity of KYC processes but to maximise the percentage of customers that can be successfully on-boarded.
The HooYu digital on-boarding journey combines clever UI & UX with a range of KYC tools. Key UI & UX considerations such as dynamic customer prompts, device language detection, reminder messages, white label customisation, logic steps to reduce friction, and customised journeys all help to maximise the success of customer account opening processes.
To increase the integrity of KYC processes, HooYu is the first identity platform to blend ID document validation, online profile analysis, geo-location and facial biometrics with traditional database checks and PEPS & sanctions screening. Behind all our proprietary KYC technologies is an identity confidence scoring engine that enables regulated entities to use HooYu on a Risk-Based Approach. In this way, high-risk customers can be mandated to offer more evidence of identity than low risk customers.
HooYu is used by tier one banks such as NatWest, leading online gaming operators such as Betfred, challenger banks such as Countingup & many regulated firms across online gaming and financial services.
About Virgin Money
Virgin Money is a full-service digital bank, serving 6.5m customers across the UK. It offers market-leading products and services to meet the full range of customers’ retail and business banking needs. Virgin Money aims to provide a consistently world-class experience for customers through its leading technology platform, telephone banking and a national network of innovative stores and business banking centres. By making banking better, Virgin Money seeks to deliver on its purpose of ‘Making you happier about money’.
