The mutual approved the function following a pilot scheme which now means that mortgage applicants will not have to manually obtain statements from their bank to send to their broker.
The firms said this could save brokers up to 30 minutes per application as they will no longer need to print, certify, scan and upload documents.
Nationwide will be able to access Experian-branded bank statements in place of traditional bank statements. Smartr365 said this would offer clients a fully digital, faster mortgage process with minimised risk of fraud and fewer errors.
Open Banking is used to collect transaction data from a customer’s bank with their consent. This is then categorised and formatted into a statement which can be used to assess affordability.
The firms said this could also improve consistency for underwriting assessments and increase quality, as exact statement date ranges will be provided.
Identity verification and validity checks will be done with Experian’s in-built authentication.
Mortgage brokers can also view a client’s income, expenditure and financial behaviour using Experian’s Mortgage Passport which is available on Smartr365’s HomeBuyer app.
Embracing technology
Andy Tilsley, intermediary digital relationships lead at Nationwide Building Society, said this was an example of how embracing technology could lead to a simplification of what is a “manual and time consuming process”.
He added: “This also reaffirms Nationwide’s commitment to work with key strategic partners in supporting the intermediary market striving for an effortless mortgage journey.”
Steve Thomas, managing director of strategy and innovation at Experian, said: “By using our innovative technology, we are helping to create a much quicker, seamless, and more convenient experience that meets the expectations of the modern home buyer. We hope that Nationwide is the first of many more partners who see the value in adopting this technology to help move the mortgage process into the digital age.”
Conor Murphy, CEO and founder of Smartr365, said: “This is an incredibly exciting step for the industry, with the Nationwide roll out responding to consumer demands for simple, integrated, and efficient services in the home buying process. This move truly symbolises exactly where the future of the market is heading, helping consumers to enjoy a completely frictionless mortgage process from start-to-finish, and ensuring intermediaries will have more time to provide a valuable service to customers, at a time when they need more guidance than ever.
“We’re very excited by this step in our partnership with Nationwide and look forward to seeing what the future holds, as more industry players follow Nationwide’s lead by putting consumer demands at the heart of their offering.”
