The mutual will use a tailored version of Experian PowerCurve, which incorporates affordability, identity and fraud checks, credit-risk decisioning and advanced analytics.
Over 150 data variables are included in the bespoke package for Leeds Building Society and the PowerCurve platform also allows lenders to build, test and amend decisioning strategies quickly and easily.
The platform will mean that around 80 per cent of the customer journey is automated, and that a DIP can be offered in less than 11 seconds and other decisions can be made even faster. According to the mutual, DIPs can typically take as long as 24 hours.
For more complex applications the partnership will allow the lender to carry out checks more quickly.
Experian said the platform would allow Leeds Building Society to “transform its digital mortgage service into an automated, seamless journey, reducing friction to the customer and minimising risk in its lending decisions”.
David Bates, group managing director consumer information services and decision analytics for Experian UK & Ireland, said: “A frictionless journey is vital for all businesses as many customers now demand, rightly, a first-class experience with almost-instantaneous results.
“The combination of Experian advanced analytics and decisioning technology means financial lenders can deliver that experience, giving businesses the ability to act upon their data insights in a way that was never before possible.”
Andrew Mellor, risk director for Leeds Building Society, said: “It was our ambition to create a new, modern application process which harnessed the power of automation, and at the same time, improve the customer experience.
“Thanks to Experian we were given the control to build out the product to our own detailed specification. We are now in direct control of our own decisioning initiatives, reducing third-party execution risk for the business and improving decisioning speed and quality.”
