Leeds BS partners with Experian to offer DIP in 11 seconds

By deploying Experian technology to create a new decisioning platform based on its own specific requirements, the Society has transformed its digital mortgage service into an automated journey, reducing friction and minimising risk in its lending decisions.

The result means a DIP can now be done in less than 11 seconds, with other decisions reached even quicker. Around 80% of the customer journey is now automated, and for more complex mortgage applications, the lender can now carry out checks more quickly, with minimal additional input.

David Bates, Group MD at Experian UK&I, 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 at Leeds Building Society, added: “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.”