UK, 9 December 2021: Smartr365, one of the leading end-to-end mortgage platforms in the market, will now offer customers and mortgage advisers quicker, more accurate and bespoke support after implementing Experian’s open-banking powered technologies.
Through Smartr365’s HomeBuyer app, Experian’s Affordability Passport will give users access to a single view of income, expenditure, and financial behaviour, with Experian-branded bank statements. This first-of-its-kind integration will enable advisers to swiftly confirm a customer’s affordability securely as part of their overall mortgage application, streamlining what has previously been a manual and time-consuming process.
The easy-to-use solution will allow customers to consent, connect and share their financial information, including bank transactions and credit report data, with their broker through a simple digital journey. The in-built Experian authentication and bank ownership checks instantly verify identity, along with confirmation that an account is valid and owned by the customer.
The digital verification of affordability, credit, and identity in the same journey provides relevant information to advisers that can be reviewed in advance of mortgage appointments with the customer. This frees up time for advisers to focus purely on providing advice and guidance on the best mortgage deals available, no longer needing to review paper proofs in the appointment itself.
Selected lenders will also accept information through the HomeBuyer app as a seamless, digital alternative to the tradition paper-based proof model, helping to enable a reduction in re-keying of data, errors arising from missing documents, reduced decision times and improved customer outcomes.
Paul Speirs, Managing Director of Digital Consumer Information at Experian, said: “This is the latest step in this ground-breaking partnership to help move the mortgage process into the digital age. By incorporating Experian’s open banking technology into Smartr365’s Homebuyer app, we are not only creating a much smoother digital journey for advisers and lenders, but importantly, removing some of the obstacles that have traditionally slowed down homebuyers getting the keys to their new property. I’m excited to see where this partnership can go.”
Conor Murphy, CEO at Smartr365, said: “Everything we do at Smartr365 is geared towards the creation of a completely frictionless mortgage process. With one recent HomeBuyer user completing their entire application from their phone in New York, well outside of UK business hours, this integration goes further to achieving our aims of ensuring the mortgage process can be completed from anywhere at any time.
“In addition, this new integration of Experian’s open banking technology will ensure brokers have more time to provide valuable advice at a time when buyers are needing more guidance than ever, which will alleviate some of the stress for everyone involved. We’re very excited by this next step in our partnership with Experian and look forward to seeing the benefits this brings to the industry.”
This development builds on the established relationship between Experian and Smartr365 who struck up a partnership earlier this year with a goal to significantly improve and digitalise the end-to-end mortgage process.
Joe Green, Senior PR Manager, Corporate & Business, UK&I, Experian
Tel: 07812 737 768 / Email: email@example.com
0203 404 7700
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.
We have 20,000 people operating across 44 countries and every day we’re investing in new technologies, talented people, and innovation to help all our clients maximise every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.
Smartr365 is a fast-growing fintech mortgage platform with its head office based in Hammersmith, London. Founded in 2017, Smartr365 employs a team of over 35 professionals and developers. Smartr365 provides mortgage advisers with an end-to-end software platform and is the first truly cloud-based business application.
The business is owned by founder Conor Murphy and in 2018, received investment from Legal & General. Conor founded both Capricorn Financial and Smartr365 Technology and continues to operate as CEO for both businesses steering them through their ongoing expansion.