Know-your-customer (KYC) tech provider HooYu has partnered with Virgin Money to provide a new account opening journey for customers of the digital bank.
The announcement follows a recent Virgin Money review of its account opening processes, after which the company took the decision to introduce a ‘redefined customer journey’ by bringing the tech provider onboard.
David Pope, HooYu Marketing Director, commented: “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.”
Some of the changes include the removal of manual steps for customers who fail the database check process, as well as digitalising the customer journey with a HooYu branded experience integrated into the Virgin Money website.
Furthermore, customers will now have different onboarding journeys depending on whether they’re applying for a credit card or a current account.
HooYu will also provide Virgin Money with new KYC features such as selfie capture, liveness detection, ID document capture and validation, facial biometrics, address proofing, as well as geolocation.
Linda Robertson, Head of Digital Customer Experience at Virgin Money, added: “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.”