Leeds Building Society and L&C Mortgages have launched an open banking pilot to streamline the mortgage application process. By connecting to Experian’s open banking platform, the two organisations can access applicants’ financial histories automatically, eliminating the need for traditional bank statements.
This approach allows clients to share their financial records directly, outlining income and regular payments. This shift not only speeds up the application process but also reduces the administrative load for brokers and clients. Following the success of the pilot, Leeds Building Society is set to expand the initiative to other intermediary partners, aiming to optimise the mortgage journey further.
The pilot demonstrates how digital innovation and collaboration can simplify complex procedures. With a growing demand for efficient, real-time financial solutions, open banking is proving to be a game-changer in the mortgage sector. Both Leeds Building Society and L&C Mortgages are now looking to scale the use of this technology, offering a faster, more transparent experience for both brokers and customers.
