Virgin Money banks on crowdsourced product ideas from independent mortgage brokers

Relationships matter in business. Just ask Virgin Money. This U.K. financial services company uses a crowdsourcing platform from Chaordix to build better relationships with critical stakeholders. Independent mortgage brokers participate in Virgin’s Intermediary Hub, an invite-only online community, to connect with Virgin decision-makers on their financial products, market opportunities and brand. Now, that’s a win-win relationship you can take to the bank.

Opportunity

Independent intermediaries can provide expert knowledge on the ultra-competitive financial services market with access to millions of customers across the U.K. Tapping into the insight of this sales channel was a huge opportunity for Virgin Money. 

Solution

Chaordix created the Virgin Money Intermediary Hub. More than 500 mortgage intermediaries from around the U.K. were invited to participate. Virgin Money focused on engaging this community by providing brokers with a vehicle to make their voices heard and receive information on products and processes. The solution includes direct access to brand ambassadors and subject matter experts from Virgin Money which improves the brokers’ ability to serve their clients, deliver products and drive revenue and cost recovery.

Impact

The community was a ground-breaking success for Virgin Money, who were able to identify the gaps between their brand promise and reality and address existing issues with key insights and ideas from its most valuable stakeholders. They also built an ongoing communications channel with an increasingly highly engaged group of broker intermediaries, and surfaced valuable contributions to inform future community programs within the Intermediary Hub.

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