Data science expert Jaywing has deployed Artificial Intelligence tests to help Virgin Money get a better understanding of its credit card customers.
Using its Archetype product, Jaywing is helping Virgin Money to identify which customers are most likely to consider switching credit card provider with more accuracy than before.
Jaywing says Archetype delivered a double-digit improvement in the ability to predict customers most likely to leave. The Sheffield agency also ran a proof of concept to demonstrate the potential of Archetype’s AI capabilities to enhance credit risk models.
Nick Martin, Head of Analytics for Virgin Money Credit Cards, said: “AI is clearly a technology with immense potential, and we wanted to test the ways in which it can provide practical support to our team by improving the customer experience, increasing the effectiveness of marketing for our credit card customers and enhancing our credit risk processes.
“We were impressed with the results from Archetype and are now exploring how we can incorporate it further within our business.”
Ben O’Brien, Managing Director of Jaywing, added: “We’re delighted that Virgin Money, like many other brands, recognises the importance of AI in its future development. The biggest strides made possible by AI will be those that allow institutions to better understand their customers’ intentions.
“Archetype has provided this ability, with the potential to save significant amounts of money. In addition to using Archetype in the marketing function, Virgin Money is also evaluating the use of Jaywing’s AI technology within its risk function.
“We believe that those banking and financial services firms that embed AI across business functions are likely to ride the waves of disruption.”
