Hinckley & Rugby Building Society is streamlining its mortgage application process by adopting OpenBanking Vision.
The move aims to deliver faster, more accurate lending decisions and improve efficiency by eliminating the need for time-consuming analysis of paper bank statements.
OpenBanking Vision provides access to real-time, fully categorised bank statement data through secure APIs that connect to 99% of UK banks.
The technology provides a detailed view of each customer’s affordability, allowing for efficient income and expenditure verification, and the ability to detect undisclosed credit.
Quicker lending decisions
For brokers, it means clients can benefit from quicker, more informed lending decisions and a seamless application process.
Good broker-lender collaboration nourishes mortgage innovation
Sponsored by Skipton Building Society for Intermediaries
In addition to faster decision times, OpenBanking Vision enhances fraud detection and prevention capabilities.
With OpenBanking Vision’s advanced technology, the society can identify potential risks related to application fraud, thereby safeguarding customers and ensuring secure and reliable mortgage processes.
The initiative represents Hinckley & Rugby Building Society’s 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 at Hinckley & Rugby Building Society, said: “We are committed to offering our brokers and customers the most efficient and transparent journey possible.
“OpenBanking Vision empowers us to make faster and more informed lending decisions, which in turn benefits brokers by reducing application time frames 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.”
