Bluestone Mortgages partners with Experian

Friday 26 May 2023 10:37 CET | News

Bluestone Mortgages has partnered with Experian to launch an Open Banking solution, enabling brokers to get automated lending decisions. 

Experian will supply Bluestone with fast and high-quality customer information to improve the mortgage application experience, building on the success of Bluestone's Open Banking trial in 2019 on the lender's prior platform.

Bluestone Mortgages partners with Experian to launch an Open Banking solution, enabling brokers to get automated lending decisions.

By leveraging automation and Open Banking, the alliance delivers a variety of benefits to brokers, including speedier credit approvals. For example, Bluestone's new Open Banking interface eliminates the need for client bank statements by allowing accurate family income and spending data to be acquired in minutes. This will considerably enhance decision-making by allowing applications to be reviewed twice as quickly.

Customers will also receive an Affordability Passport, which is a digitally reproduced bank statement showing their income, expenses, and overall financial condition. This incorporates automatic transaction classification to simplify and accelerate the interpretation of an individual's expenditure.

As a result, an Experian-supported consent-driven, safe, and secure Open Banking infrastructure gives consumers and brokers control over what data is shared and with whom.

Experian’s recent developments

Experian expanded its product offering by including several features. For example, in early 2023, it developed a CreditLock tool to assist safeguard its consumers in the face of increased occurrences of identity fraud. It is intended to allow clients to lock their Experian Credit Report with a single click.

Later, Amazon Web Services (AWS) was selected as the company's preferred cloud supplier. As part of the company's cloud-first strategy, Experian will migrate key business processes, consumer-services products, analytics tools, and on-premises servers to AWS. Centralising these important technological platforms in the cloud would improve Experian's IT security and dependability, save operational costs, and accelerate the time to market for new solutions.

Experian has announced Support Hub, a platform designed to provide handicapped clients with greater access to vital companies. The help Hub offers clients a one-stop gateway where they can get information about numerous businesses as well as the help they need to utilise their services.

Credit decisioning through Open Banking

By offering a framework for accessing and analysing financial data, Open Banking has transformed the landscape of loan decisioning. Individuals can offer approval for their financial information to be securely shared with authorised third-party providers via Open Banking. This plethora of information enables lenders and financial institutions to make more precise and informed loan choices.

One of the primary benefits of credit decisioning via Open Banking is the removal of manual paperwork and time-consuming documentation processes. Lenders have always used physical papers and self-reported information to assess an individual's creditworthiness. Open Banking, on the other hand, automates this procedure by getting financial data straight from the customer's bank accounts. This automation not only saves time and costs, but it also reduces the possibility of human error, resulting in more accurate credit evaluations.

Finally, credit decisioning via Open Banking fosters more equitable lending practices by removing prejudice and making credit more available to persons who were previously underserved by traditional credit evaluation procedures.

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Keywords: partnership, product launch, Open Banking, banks, data
Categories: Banking & Fintech
Companies: Bluestone Mortgages, Experian
Countries: World
This article is part of category

Banking & Fintech

Bluestone Mortgages



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