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Virgin Money, a leading UK retail bank with a 180-year heritage, is redefining digital banking through its AI-powered virtual assistant, Redi. Developed in collaboration with Microsoft and IBM Consulting, Redi leverages cutting-edge Microsoft technologies, including Copilot Studio and Dynamics 365 Customer Service, to deliver exceptional customer experiences. With over 2 million customer interactions and a 94% satisfaction rate, Redi is setting a new standard for conversational banking in the financial services industry.
The Genesis of Redi: Bridging Digital Confidence Gaps
Virgin Money serves 6.6 million retail and business banking customers, offering products ranging from credit cards to mortgages. Despite high digital adoption—90% of credit card customers download the Virgin Money app within 90 days—many users lack the confidence to complete transactions digitally, often resorting to contact center calls. Recognizing that digital adoption does not equate to digital confidence, Virgin Money introduced Redi to provide real-time, intuitive support within the mobile app.
Adam Paice, Head of Digital Proposition at Virgin Money, explains, “A mobile app in which you can move money in a couple of taps can actually be quite daunting for some people. The genesis for us to introduce a virtual assistant was knowing we wanted to help our customers bridge that gap and feel confident using our digital products and services.”
Redi’s Technical Foundation: A Microsoft-Powered Solution
Redi is built on a robust Microsoft technology stack, including Copilot Studio, Power Virtual Agents (now part of the Copilot Suite), and Bot Framework Composer, hosted on Virgin Money’s private cloud. Integrated with Microsoft Dynamics 365 Customer Service, Redi accesses the bank’s Knowledge Base to surface relevant information and supports over 50 API calls to enable real-time account updates, such as increasing credit limits. The solution’s end-to-end Microsoft architecture simplifies reporting through Power BI and streamlines development, allowing non-technical staff to design customer journeys.
IBM Consulting, with its deep expertise in Microsoft technologies and conversational banking, played a pivotal role in Redi’s development. “We have benefited from a truly exceptional IBM support team on the ground to steer us away from common mistakes,” says Paice. The phased implementation began with the credit card business in March 2023, followed by an update for Personal Current Accounts in June 2024, with plans for a unified multi-product assistant.
Roles Behind Redi’s Success
Several key figures at Virgin Money have driven Redi’s development:
- Adam Paice, Head of Digital Proposition: Oversees Redi’s strategic vision, emphasizing customer satisfaction and digital confidence.
- Gabby Allison, Digital Customer Adoption and Engagement Manager: Leverages contact center insights to design Redi’s conversational journeys, ensuring a human-like experience.
- Laura McLeod, Senior Product Owner for Conversational Banking: Manages Redi’s development lifecycle, empowering non-technical staff to own customer journey design.
- Gary McLellan, Head of Engineering Frameworks & Core Mobile Apps: Leads the migration of Virgin Money’s core banking tech to Microsoft Azure, enhancing Redi’s infrastructure.
- Allegra Patrizi, Managing Director: Champions Redi as a tool to set new standards for digital engagement.
Redi’s Impact: High Engagement and Industry Recognition
The adoption and impact of Redi have been remarkable:
Over 1 million interactions annually: Redi has already supported more than two million customer conversations since launch, handling over 90,000 conversations each month.
High app adoption: 90% of customers downloaded the Virgin Money app within 90 days of joining, reflecting strong digital engagement.
Customer satisfaction: 94% of surveyed customers who used Redi reported satisfaction with their interactions; 91% were able to get what they wanted, and 84% found it easy to use.
Containment rate: At peak, Redi successfully resolved 57% of customer interactions without escalation to a human agent, significantly reducing call center pressure.
Redi operates as a “digital host,” triaging queries and seamlessly handing complex cases, like bereavement calls, to live agents. This frees contact center staff from repetitive tasks, allowing them to focus on high-value interactions. “There’s a halo effect,” notes Paice. “When Redi hands over to live chat, colleagues are better informed, so satisfaction scores go up all round.”
In February 2024, Redi earned the “Best Application of AI in Financial Services” at The Card and Payments Awards, recognizing its innovative conversational experience. “It’s absolutely fantastic to win this award,” says Paice. “Our partnership with IBM has helped us get the most out of Microsoft Copilot products.”
Responsible AI and Employee Empowerment
Virgin Money prioritizes responsible AI, working closely with compliance teams to ensure Redi’s transparency—it introduces itself as a digital host—and safeguards customer data. The bank also views Redi as a team member, not a replacement for human agents. Contact center staff, trained as conversational analysts, design Redi’s journeys, creating new career paths and reducing development handoffs.
“Copilot Studio’s intuitive operation means our conversation analysts, who typically come from the contact center, can own the process end to end,” says McLeod. This hands-on approach, combined with continuous customer feedback, ensures Redi feels “more human,” with some customers mistaking it for a live agent.
The Future: Generative AI and Beyond
Virgin Money is exploring Generative AI, including Microsoft’s Azure OpenAI and Copilot capabilities, to enhance Redi’s conversational depth. Future updates will allow customers to ask follow-up questions mid-interaction, improving engagement. Additional use cases include automating fraud case analysis and supporting complex queries.
With a roadmap full of innovations, Virgin Money aims to integrate Redi across all products, creating a unified AI-first platform. “Microsoft Copilot Studio enables us to deliver great customer experiences through Redi, helping us set a new standard for digital engagement,” says Patrizi.
Conclusion
Virgin Money’s Redi exemplifies how AI can enhance—not replace—human connections in banking. By leveraging Microsoft’s technology and IBM Consulting’s expertise, Redi delivers personalized, accessible banking experiences that empower customers and employees alike. As Virgin Money continues to evolve Redi with Generative AI, it is poised to remain a leader in conversational banking, making customers “happier about money.”
