Virgin Money business loan 'time to yes' drops from 5 days to 20 minutes

Trade Ledger's digital decisioning platform aggregates application, accounting and business credit data to free up significant relationship manager time to reinvest with customers.

Reduction in application-to-decision
Digital loan journeys
Platform for all workflows
The efficiencies the Trade Ledger platform will deliver mean our relationship managers will be able to focus more on supporting customers where it’s most needed, rather than being involved in time-consuming manual processes.
Graeme Sands
Head of Business Lending, Virgin Money

The goal

Shake up business lending through digital customer experiences that offer speed, simplicity and efficiency by offering multiple types of working capital and business loan products for all types of businesses - regardless of size.

The idea

Harness next-generation technology to aggregate data from many sources, e.g. accounting, credit agencies and other third-party market data to improve the customer and staff journey, delivering a better experience, loan quality and suitability.

The impact we made

Pilot platform implementation proves feasibility, viability and impact of Trade Ledger

By using Trade Ledger’s business lending platform, which analyses data and automates a wide range of key lending processes, Virgin Money will be able to provide a quicker, more efficient service to its business customers while managing risk effectively.

All data and documents flow through the Trade Ledger platform. This allows for the automation of manual time-consuming tasks, processes, and governance with an augmented, BDM-led credit risk assessment.

The VirginMoney solution makes use of the following three platform modules:

  • Origination & Customer Engagement - This module allows banks and non-bank lenders to originate any commercial loan product.
  • Risk Assessment & Collateral Management - This module allows banks and non-bank lenders to run credit decision / credit risk assessment activities (origination or in-life).
  • Facility Management & Loan Structuring - This module allows banks & non-bank lenders to restructure credit facilities, monitor performance, trigger reassessment activities.

These modules are further enhanced with a seamless integration into Virgin Money's core CRM platform, Microsoft Dynamics365, their primary credit bureau (Experian) and customer viability platform (Experian PowerCurve)to support a deeper customer level of understanding and engagement, and drive process and administrative efficiency.

Trade Ledger enables us to achieve that through its ability to aggregate application, accounting and business credit data, allowing us to deliver significant improvements in the speed of application processing while continuing to effectively manage risk"

Using data and tech to reimagine working capital

Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with Virgin Money and transforms how business finance can be accessed:

  • Configure platform functionality and interface to accommodate user preferences and behaviours
  • Intuitively integrate APIs into both internal and external systems, platforms, bureaus and registries for the purposes of data ingestion (i.e. pre-populate / auto-fill) or validation (i.e. accuracy / quality)
  • Securely authenticate with multiple applications to manage user permissions
  • Select and input delegated lending authorities and configure associated restrictions.
  • Configure and recommend master versions of common applications, forms and contracts for business-wide use.
  • Pre-approve customers for a credit facility

Tangible proof of concept outcomes

The real-time pre-screening tool, which can be completed in minutes, will provide instant eligibility on different Virgin Money Business Finance products, rather than a business having to collate information and spend time filling in forms only to discover they are not eligible.

In addition to this, access to accounting data from a variety of software packages and business credit insight from Experian, the typical 5 day application process will be reduced to 20 minutes.

Trade Ledger is dedicated to giving digital-first banks like Virgin Money the ability to reimagine working capital for the digital economy.”

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