Building Virgin Money's Research Community Panel

Why would you need a research community panel?

The research community panel is well positioned to support our purpose.

‘Banking – but fairer, more rewarding, and for the good of society’.

The panel is made up of customers and prospective customers who are ready to give feedback. We involve the panel in research activities such as interviews, surveys and diary studies. This allows us to step into customers’ shoes and feel what they feel.

Sometimes, we can’t find enough Virgin Money customers on the UserTesting platform. That's when the panel really shines. It gives us a reliable way to hear from our customers. Their voices are always part of how we shape better, fairer and more rewarding banking experiences.

The panel is more than just a research tool. It’s a living compass, guiding us in the right direction by keeping us connected to our customers.

It also supports teams across the business from design to leadership.

Benefits for design teams

• Faster iterations

No more waiting for research participants. We can quickly validate ideas and make improvements.

• Lower risk of misaligned products and features

Direct customer input helps to prevent costly mistakes.

• Cost-effectiveness for launching the right product or service

Testing concepts early means avoiding expensive rework later.

• Access to customer feedback

A direct line to our customers means informed decision-making.

• Builds loyalty and belonging

Customers feel heard, strengthening their connection with Virgin Money.

• Answers the ‘why’ questions

Understanding customer motivations helps to refine our products.

Benefits for leadership and strategic planning

The panel will make sure business objectives align with our customer needs.

• Lower risk of uninformed business decisions

Decisions are grounded in real insights, not assumptions.

• Sustained customer engagement

Keeping an open dialogue builds long-term trust.

• Timely response to customer needs and their financial goals

Quick access to feedback allows for agile responses.

• Alignment with industry best practices

Ensuring our approach reflects customer-centric banking standards.

• Regulatory compliance (FCA)

A strong research foundation supports compliance and responsible product development.

How we built the panel

Creating the panel wasn't just about assembling a group, it was about fostering a community. Here's how we brought it to life and the aspects we needed to consider:

Ensuring data integrity and compliance

Protecting customer information is a top priority at Virgin Money. We worked to establish a data processing agreement. This makes sure that customers’ data is stored, processed and shared with care and responsibility.

Creating simple sign-up and opt-out processes

We created user-friendly Microsoft Forms, collecting only essential demographic details. This means participants receive relevant study invitations. It also means they can leave the panel at any time without consequences.

Recognising and rewarding participation

We value our customers’ time and effort. All research studies offer incentives relevant to the length of time and effort the study requires. We use incentive calculators and benchmark data from industry standards to ensure fair rewards. This keeps participants engaged and motivated.

Setting up a dedicated mailbox

Engaging with our research community means being accessible. We set up research@virginmoney.com for invitations, questions, feedback, and opt-outs requests.

Spreading the word through social media

We launched a social media campaign inviting customers to join us in shaping the future of Virgin Money. The response received was very positive.

Sharing our vision on the VM design site

Transparency is key. We published an article on our design site, where we shared the panel's purpose and what members could expect from taking part.

Keeping the research community panel engaged

Building the panel was just the beginning. Maintaining its momentum requires ongoing effort and these are our next steps:

• Refreshing and growing the panel. We’ll track engagement and bring in new voices. This will keep perspectives fresh and ensure the panel grows over time.
• Regular updates. To keep panel members informed about how their feedback is shaping our products.
• Accessible research opportunities. User Researchers will be able to tap into the panel whenever insights are needed, reducing research lead times.
• Maintaining participants’ data accuracy. To ensure our research reflects real-life customer needs, we’ll ask panel members to update their details or opt-out after 12 months.

We want the research community panel to be more than just a tool. It's our way of showing that we care about designing products around what our customers need and say.

Interested in joining the VM Research Community panel? You can sign-up here

We would love to have you on board!