Skipton Building Society and Experian have announced a new partnership with the aim to save mortgage applicants from the hassle of gathering their paper bank statements by adopting Open Banking technology.
The new agreement will mean that people applying for a mortgage will have the option of giving consent for Skipton to securely view their bank account information using the Experian Open Banking affordability solution. Previously, mortgage applicants needed to gather paper copies of statements and wage slips to submit to the lender.
Lisa Fretwell, Managing Director of Data Services at Experian, said: “Many of us have gone through the nightmare of trying to find the right paperwork when applying for a mortgage when all you want is to get a move-in date. It’s not just a time-consuming process for people, but lenders, too. Open Banking provides them with reliable data which can be analysed at speed to make more informed lending decisions.”
“Experian research has shown that people are willing to share their data when they can see a clear benefit. Our work with Skipton is an example of how trusted data and insights can allow lenders to make fairer decisions for the people they lend to.”
Alex Beavis, Skipton’s Head of Mortgages, said: “Everyone wants the journey to getting the keys to their new home to be as stress-free and easy as possible. And in partnering with Experian, we’re really pleased to be able to introduce this new technology that makes our mortgage application process slicker and quicker for us and our customers.”
“Combining our human touch approach with the benefits of new digital technology is the cornerstone of our mortgage strategy and we look forward to announcing more exciting enhancements for our customers in brokers in 2019 and beyond.”