Hinckley & Rugby Building Society has adopted OpenBanking Vision (OBV) in a bid to streamline the mortgage application process.
By utilising OBV’s technology, Hinckley & Rugby aims to deliver faster, more accurate lending decisions and improve efficiency by eliminating the need for time-consuming analysis of paper bank statements.
OpenBanking Vision will enable the society to access real-time, fully categorised bank statement data through secure APIs that connect to 99% of UK banks.
In addition to expediting decision times, OBV enhances fraud detection and prevention capabilities.
With OBV’s advanced technology, the society can identify potential risks related to application fraud, thereby safeguarding customers.
Laura Sneddon (pictured), 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.”
