June 22nd, 2022: Mortgage brokers making an application with Leeds Building Society can now be offered a Decision in Principle in less than 11 seconds thanks to a new partnership with Experian.
By deploying Experian technology to create a new decisioning platform based on its own specific requirements, the building society will transform its digital mortgage service into an automated, seamless journey, reducing friction to the customer and minimising risk in its lending decisions.
The result means a Decisions in Principle – which can typically take as long as 24 hours to be offered - can now be done in less than 11 seconds, with other decisions reached even quicker. Around 80% of the customer journey is now automated, and for more complex mortgage applications, the lender can now carry out checks more quickly, with minimal additional input.
David Bates, Group MD Consumer Information Services and Decision Analytics for Experian UK&I, said: “A frictionless journey is vital for all businesses as many customers now demand, rightly, a first-class experience with almost-instantaneous results.
“The combination of Experian advanced analytics and decisioning technology means financial lenders can deliver that experience, giving businesses the ability to act upon their data insights in a way that was never before possible.”
Andrew Mellor, Risk Director, Leeds Building Society, said: "It was our ambition to create a new, modern application process which harnessed the power of automation, and at the same time, improve the customer experience.
“Thanks to Experian we were given the control to build out the product to our own detailed specification. We are now in direct control of our own decisioning initiatives, reducing third-party execution risk for the business and improving decisioning speed and quality.”
Leeds Building Society is using Experian PowerCurve. The cloud-based platform incorporates a myriad of capabilities and applications including affordability, identity and fraud checks, credit-risk decisioning, and advanced analytics to create a single, all-encompassing package.
More than 150 data variables were included in the Leeds Building Society bespoke solution, with PowerCurve enabling lenders to build, test and amend decisioning strategies quickly and easily, benefitting firms which offer a variety of lending products with different credit risk requirements for each.
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Media contact:
Robert Goodman, PR Manager, Corporate & Business, UK&I, Experian
Tel: +44 7989 398 498 / Email: Robert.Goodman@Experian.com
About Experian
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 20,600 people operating across 43 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.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.