Skip to main content

CASE STUDY

How Virgin Money drove £15M in spend with credit installments

Problem

Virgin Money UK wanted to implement credit card installments

Virgin Money UK wanted to implement credit card installments, working around technical, operational and resource availability challenges.

They met with Digital Labs and the first Innovation Hub in the UK was created – focused on supporting the end-to-end creation and delivery of key Virgin Money innovation projects.

APPROACH

How Virgin Money unlocked a powerful innovation partnership with Digital Labs

From ideation and co-creation to testing and market launch, this initiative gathered experts from Virgin Money and Mastercard to collaborate closely on every aspect of new product development and commercialization.

The Innovation Hub demonstrated the wide-reaching Data & Services capabilities and service offerings by:

Highlighting a practical approach, flexibility and agile thinking that backs the Hub concept.

Leveraging streamlined contracting via a light-touch governance structure, ensuring a consolidated view of demand, project delivery and ROI achieved.

Allowing for team requests to be prioritized according to complexity, impact and implementation time, making trade-offs to gain synergies.

RESULTS

Account acquisition and increased spend with Digital Labs

One successful co-collaboration engagement with Virgin Money led to several additional co-collaborations and new initiatives.

Balance transfer installments were the first co-collaboration delivered in September 2021. Slyce, a BNPL solution targeting Gen Z, was the first solution delivered in market in October 2022.

20K

accounts

560K

transactions

£15M

spend

Interested?

Connect with our team to explore how the Mastercard Digital Labs can enhance decision-making for your business.