Bluestone enters strategic partnership with Experian to launch new Open Banking Service

Following on from Bluestone’s Open Banking pilot in 2019, Experian will provide Bluestone with access to customer data, streamlining the mortgage application journey and providing brokers with tools to help them get credit decisions faster by utilising automation and Open Banking.

These include:

App to offer in four days - the new Open Banking integration removes the need for Bluestone to require customer bank statements by allowing accurate household income and expenditure data to be gathered within minutes. This will significantly improve the decision-making process, with applications being processed twice as fast.

An Affordability Passport - a digitally replicated bank statement of customers’ income, expenditures and wider financial positions. This includes automated categorisation of transactions to simplify and improve speed to interpret an individual’s spending

Greater level of autonomy - a consent-driven, safe and secure Open Banking platform supported by Experian’s trusted brand that provides customers and brokers autonomy over what data is shared, and with whom.

Paul Speirs, Managing Director of Consumer Information Service at Experian, comments: “Our Open Banking technology is revolutionising the mortgage application journey, providing a much quicker, seamless, and more convenient digital experience.

"Over a million UK consumers have already shared their Open Banking data with Experian to improve their financial well-being. Our reputation is building confidence and trust amongst consumers, brokers and lenders to share their financial data. Through this partnership, Bluestone can now get access to the most relevant information they need to make much better-informed lending decisions that’ll hugely benefit home buyers looking to secure their dream property.”

Reece Beddall, (pictured) Sales & Marketing Director, Bluestone Mortgages, adds: “We are committed to continually investing in technology to enhance the mortgage process, and are really excited about the next step of the journey.

"We believe Open Banking has the potential to transform the specialist lending space, removing the pain points typically associated with the mortgage application process. Through this partnership with Experian, we hope to make the credit application process seamless and easier for brokers and their customers to access end-to-end mortgage approvals, making their homeownership dreams a reality.”