Skipton and Experian in open banking collaboration
Skipton Building Society has adopted Experian’s Open Banking technology to give customers the opportunity to process mortgage applications using open banking. The lender said the move would reduce the time taken to go through applications from two weeks to just a few minutes. Lisa Fretwell, managing director of data services at Experian, observed: “It’s not just a time-consuming process for people, lenders, too. Open banking provides them with reliable data which can be analysed at speed to make more informed lending decisions.” Skipton’s head of mortgages Alex Beavis said the deal would combine the company’s human touch with new digital technological benefits, as he predicted further enhancements for customers going forward.