Mortgage brokers making an application with Leeds Building Society can now be offered a Decision in Principle in under 11 seconds due to a new partnership with Experian.
As a consequence, around 80% of the customer journey is now automated, and for more complex mortgage applications, the lender can now carry out checks more quickly, with minimal additional input.
Leeds Building Society is using Experian PowerCurve, a cloud-based platform which incorporates a number of capabilities and applications including affordability, identity and fraud checks, credit-risk decisioning, and advanced analytics to create a single package.
David Bates, group MD, consumer information services and decision analytics for Experian UK&I, said: “A frictionless journey is vital for all businesses as many customers now demand, rightly, a first-class experience with almost-instantaneous results.
“The combination of Experian advanced analytics and decisioning technology means financial lenders can deliver that experience, giving businesses the ability to act upon their data insights in a way that was never before possible.”
Andrew Mellor, risk director, Leeds Building Society, said: “It was our ambition to create a new, modern application process which harnessed the power of automation, and at the same time, improve the customer experience.
“Thanks to Experian we were given the control to build out the product to our own detailed specification. We are now in direct control of our own decisioning initiatives, reducing third-party execution risk for the business and improving decisioning speed and quality.”