Virgin Money UK aimed to introduce a credit card installment system while overcoming technical, operational and resource challenges. They began by discussing with the Mastercard Installments product team, Data & Services Business Development, and Account Management team. This led to collaborations with Digital Labs/Ventures and the establishment of the first-ever UK Innovation Hub. This marked a significant partnership between Mastercard and Virgin Money, with a focus on developing and executing essential innovation projects for the latter.
This collaboration between Virgin Money and Mastercard experts spanned from generating ideas to testing and launching products. It showcased Mastercard’s Data & Services comprehensive service offerings in a unified manner, reflecting the adaptable and agile Hub concept. The model featured efficient governance for contracts, demand, project delivery and ROI assessment. Teams prioritized requests based on complexity, impact and implementation time to maximize synergies despite shifting market and customer priorities.
The Innovation Hub facilitated the development and launch of Virgin Money Slyce, an advanced Buy Now, Pay Later (BNPL) product tailored for Gen Z. It includes robust regulation and incorporates Priceless Planet initiatives. This innovative credit-building product offers BNPL advantages while enhancing credit scores. At the same time, Slyce adheres to comprehensive regulations, ensuring various safeguards and controls. This collaboration within the Hub showcases Mastercard’s prowess in technology and innovation, emphasizing its role as a digital transformation leader.