Move seen as a significant step toward improving the homebuying experience
HSBC UK has partnered with the Open Property Data Association (OPDA) to improve the homebuying process through the sharing of digital property information across the mortgage market.
The move comes as the UK government emphasises the importance of digital services in the homebuying process, as outlined in the recently announced Digital Information and Smart Data Bill. OPDA has urged the government to deliver digitised property data from sources such as HM Land Registry, planning permissions, building safety records, and local authority searches, as promised in 2018. The association is also seeking clarity on the execution of a fully digital homebuying market.
OPDA is the first organisation of its kind, having already established open property data standards and models for shareable and trustworthy data. These tools, which are free and open source, were developed and tested in collaboration with various sectors across the property industry. Companies using OPDA’s digital property standards have reported a reduction in the time taken from mortgage offer acceptance to exchange of contracts to just 15 days.
HSBC joins OPDA shortly after Nationwide, which became a member in July, and Lloyds Banking Group, which signed up in March. The involvement of HSBC, one of the UK’s largest mortgage lenders, highlights the growing industry focus on customer-led experiences, driven by trust, open standards, and greater transparency.
Oli O’Donoghue (pictured left), head of mortgages at HSBC UK, described the bank’s decision to join OPDA as a significant step toward improving the homebuying experience.
“This move aligns with our commitment to putting our customers first by enhancing their experience of buying a home through greater transparency, while giving customers greater control,” O’Donoghue said. “Our membership will also allow us to contribute to the development of digital services, which is a key strategic priority for us as a ‘digital first’ bank.”
Maria Harris (pictured right), chair of OPDA, welcomed HSBC UK’s membership, noting the importance of open data standards in digitising property transactions.
“To have HSBC UK join us further reinforces how absolutely vital open data standards are in digitising property transactions and the commitment from industry to make this happen,” Harris said.
She also pointed out that over 40% of UK mortgage customers are supported annually by OPDA’s lending members, who play a crucial role in shaping the future of the industry.
“Their collective ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer perception of the home buying process,” Harris said. “Eighty-five perncent of customers experienced some degree of stress which is unsurprising with an average 22 weeks to reach completion and a notoriously opaque and inefficient journey.”
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