Lloyds Banking Group joins the Open Property Data Association

This move represents a step forward towards expediting the process of buying and selling homes by adopting a standardised approach to sharing digital property data. The objective is to streamline transactions, enhance transparency, and simplify the process for both buyers and sellers.

According to retailbankerinternational.com, at the time of writing, less than 1% of property data is available in a digital format, highlighting the necessity of converting property data sources and documents into digital formats that can be easily shared through open data standards. This transition is important for facilitating a digital home buying experience, as it eliminates manual processes and minimises friction as well as the risk of fraud and transaction failures.

LBG's involvement in OPDA also includes supporting the development of transparent data-sharing practices, with a focus on raising industry standards and promoting best practices across the property sector. Members of LBG's leadership and technology teams will work together with OPDA's executive committee, consisting of 15 industry leaders, technology innovators, and organisations, in an effort to make a positive change.

OPDA’s framework for property data standards 

LBG will also endorse OPDA's latest framework for property data standards, which includes a standardised set of data and governance principles, a common data dictionary, a uniform method for describing property attributes, and a protocol for sharing data with trust and provenance. Additionally, LBG will contribute to the ongoing enhancement of the trust and interoperability framework.

The initial phase of the new framework is accessible to the property industry and its software providers, comprising estate agents, lawyers, lenders, and brokers, without any restrictive proprietary licences. Representatives from Lloyds Banking Group cited by retailbankerinternational.com expressed enthusiasm for driving shareable data to improve the house-buying process, aiming to create a safer and more trusted experience for customers. They also talked about LBG's commitment to OPDA's mission of implementing open data standards and supporting transparent data sharing across the residential property sector.

Officials from OPDA cited by the same source described LBG's membership as a significant advancement in open data sharing, emphasising its importance in digitising transactions and improving the overall experience for everyone involved. They also highlighted the important role of accurate and trustworthy property data in instilling confidence among individuals and the industry as a whole.