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Smart CitiesDiscover how Telefónica Tech partnered with Virgin Money to revolutionize its client onboarding process, significantly boosting customer acquisition and streamlining operations through the implementation of Microsoft Power Platform and Dynamics 365. Virgin Money, a leading UK banking and financial services organization, embarked on a digital-first approach to disrupt the business banking market. Faced with a manual, time-consuming client onboarding process for business banking accounts, Virgin Money partnered with Telefónica Tech to implement a fully digital solution. Leveraging Microsoft Power Platform and Dynamics 365, the new onboarding platform integrated various systems, automated decision-making, and enhanced customer experience. The result was a significant increase in customer acquisition, reduced processing times, and improved efficiency. This transformation not only helped Virgin Money compete with challenger banks but also positioned it as a market leader in digital banking.
We tell you about the project
Highlights of the success story
Increased customer acquisition
Virgin Money saw a 580% increase in customer acquisition, with conversion rates rising from 5% to 34%, due to a faster and more user-friendly digital onboarding process.
Enhanced operational efficiency
Automation and reduced manual processes led to less back-office involvement, saving time and resources while increasing overall efficiency.
Better reporting and continuous improvement
Enhanced reporting capabilities enabled Virgin Money to identify bottlenecks and dropout rates, facilitating ongoing improvements in the onboarding process.
Reduced processing time
The digital onboarding platform reduced application processing times from days/weeks to an average of 10-25 minutes, significantly improving customer satisfaction.
Improved customer experience
The digital platform provided a seamless experience, allowing 20% of customers to be onboarded and underwritten digitally, with 50% of accounts opened within 5 days.
What others say about us
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"Telefónica Tech's expertise in leveraging Power Platform and Dynamics 365 allowed us to build an intuitive, automated onboarding system. This transformation significantly boosted our customer acquisition and operational efficiency, setting a new standard in digital banking."
Wilson Ferguson, Senior Digital Development Manager, Virgin Money
