HSBC UK has joined the Open Property Data Association (OPDA) to improve the home buying process using digital property information.
OPDA launched last year with a view to change the way houses are purchased and sold by introducing open data standards and encouraging the sharing of information across the industry.
The association has introduced open property data standards and models for shareable information across the sector.
It said the firms using these standards for digital property packs had seen the time from the mortgage offer and purchase being accepted to the exchange of contracts shorten to 15 days.
OPDA has also called on the government to deliver digitised property data at source, including information from HM Land Registry, planning permissions, building safety and local authority searches.
HSBC UK follows the likes of Nationwide, which became a member in July, and Lloyds Banking Group, which joined in March.
Oli O’Donoghue, head of mortgages at HSBC UK, said: “Joining the OPDA is a significant step for us to help play a part in further improving the home buying process. This move aligns with our commitment to putting our customers first by enhancing their experience of buying a home through greater transparency, while giving customers greater control. Our membership will also allow us to contribute to the development of digital services – which is a key strategic priority for us as a ‘digital-first’ bank.
“We are truly excited to collaborate with other industry leaders and hope this will help drive innovation and improve the digital landscape for all homebuyers.”
Maria Harris, chair of OPDA, said: “To have HSBC UK join us further reinforces how absolutely vital open data standards are in digitising property transactions and the commitment from industry to make this happen. Over 40% of UK mortgage customers are supported every year by our lending members, who have some of the deepest and long-standing relationships with distribution and technology providers.
“Their collective ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer perception of the home buying process. 85% of customers experienced some degree of stress, which is unsurprising with an average [of] 22 weeks to reach completion and a notoriously opaque and inefficient journey.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
