Hinckley & Rugby Building Society has adopted OpenBanking Vision (OBV) to streamline the mortgage application process, cut offer times and improve the experience for both customer and broker.

The mutual aims to deliver faster, more accurate lending decisions and improve efficiency by eliminating the need for time-consuming analysis of paper bank statements.

API TECHNOLOGY

OpenBanking Vision uses secure APIs that connect to 99% of UK banks. Its technology offers a detailed look at each customer’s affordability, allowing for income and expenditure verification and the ability to detect undisclosed credit.

OBV also features fraud detection and prevention capabilities, identifying potential risks related to application fraud.

““We are committed to offering our brokers and customers the most efficient and transparent journey possible”

Laura Sneddon, head of sales and distribution at Hinckley & Rugby Building Society, said: “We are committed to offering our brokers and customers the most efficient and transparent journey possible.

“OpenBanking Vision empowers us to make faster and more informed lending decisions, which in turn benefits brokers by reducing application timeframes and enhancing overall service levels.

“As part of our ongoing digital developments, we are excited to continue integrating new technologies that enhance both the broker and customer experience.”