Hinckley & Rugby Building Society has announced the adoption of Open Banking, through a partnership with LendingMetrics using their product OpenBankVision (OBV). Open Banking streamlines the mortgage application process, reducing offer times and enhancing the broker and customer experience.
Goodbye to paper bank statements
With Open Banking technology, we’re moving from time-consuming analysis of paper bank statements to a digital approach, streamlining the process for greater efficiency.
Open Banking enables the Society to access real-time, fully categorised bank statement data through secure APIs that connect to 99% of UK banks. This technology provides a clear and detailed view of each customer’s affordability, allowing for efficient income and expenditure verification and the ability to detect undisclosed credit. For brokers, this means that clients can benefit from faster, more informed lending decisions and a seamless application process.
Enhancing fraud prevention
In addition to expediting decision times, Open Banking enhances fraud detection and prevention capabilities. With this technology, the Society can identify potential risks related to application fraud, thereby safeguarding customers and ensuring secure and reliable mortgage processes.
This initiative represents our ongoing dedication to digital innovation and operational efficiency, with more advancements set to be introduced in the coming months.
Laura Sneddon, Head of Sales and Distribution, commented:
“We are committed to offering our brokers and customers the most efficient and transparent journey possible. OpenBankVision empowers us to make faster and more informed lending decisions, which in turn benefits brokers by reducing application timeframes and enhancing overall service levels.
“As part of our ongoing digital developments, we are excited to continue integrating new technologies that enhance both the broker and customer experience.”
For further information on the Society’s adoption of Open Banking, speak to our team.
Stay informed
Want to be alerted when we launch, update, and withdraw our products?
If you would like to keep up to date with our product launches, criteria updates, and any other changes we make to our product range, you can sign up to our email newsletter below and receive this information straight to your inbox.
Speak to us
Our dedicated Business Development team will be happy to speak to you about any cases you have, explain how our specialist products and flexible criteria can benefit your clients, or answer any questions you have about our Mortgage Referrals Committee. Get in touch on 01455 894 084. Or send us a message on our Live Chat, our response time is often only seconds!
Please note product details and criteria are correct at launch and are subject to change.
