UK, 9 October 2019: Skipton, the UK’s fourth largest building society, will save mortgage applicants from the hassle of gathering their paper bank statements by adopting Experian’s Open Banking technology.
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.
Experian’s Open Banking solution reduces this cycle - which typically could take a fortnight - to just a few minutes through a secure link shared with the applicant on email. The service uses Experian’s Trusso, which can categorise the transactions on a bank statement in under a second.
Once the information has been shared with Skipton, its staff will be presented the categorised transaction data in a dashboard which shows the applicant’s income and outgoings. They can then make an informed decision using data from a trusted source as to whether a mortgage would be affordable for the applicant.
Experian’s Open Data Platform underpins more than 25 million of the API requests each month, and more than 30% of the number made in the UK overall, figures from the Open Banking Implementation Entity (OBIE) show.
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.”
Ade O’Connor, Senior PR Manager, Corporate & Business, UK&I, Experian
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Weber Shandwick for Experian
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Stacey Stothard, Head of Corporate Communications, Skipton Building Society
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Experian is the world’s leading global information services company. During life’s big moments – from buying a home or a car, to sending a child to college, to growing a business by connecting with new customers – we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organisations to prevent identity fraud and crime.
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About Skipton Building Society
Skipton is the UK’s fourth largest building society, with over one million members, £23bn of assets and a national presence represented by its network of 88 branches. Skipton offers mortgages, savings and restricted financial advice. It heads the Skipton Building Society Group, whose subsidiary companies include Skipton International Limited and significant interests in estate agency and related businesses through the Connells group.
In October 2018, Skipton Building Society received a Gold award at the UK Customer Experience Awards for ‘Best Financial Services – Banking and Investments’.
Skipton Building Society was also named as a Which? recommended provider of mortgages and savings for 2018 and was named Best National Building Society for the fifth year running in the 2018 What Mortgage awards and Building Society of the Year in the 2018 Moneyage Mortgage Awards.
2018 saw Skipton named for the fourth year running as one of the UK’s Top 100 Companies to Work For. The Sunday Times list is widely acknowledged as the most searching and extensive research into employee engagement carried out in the country.
In August 2017, Skipton achieved Investors in People Platinum, of which there are only 2% of accredited organisations to achieve this level (as of December 2018).