Lloyds' leadership and technology teams will work alongside OPDA's executive committee
Lloyds Banking Group has become a member of the Open Property Data Association (OPDA) with the goal of enhancing and expediting the property buying and selling process.
The partnership also aims to introduce a unified method for the digital sharing of property data, promising to make transactions more efficient, transparent, and user-friendly.
According to OPDA, digital access to property data is remarkably limited at present, with less than 1% available in an easily shareable format. The move towards digitalisation of property documents and data, facilitated by open data standards, is crucial for streamlining the home buying experience, it added.
OPDA’s vision includes the adoption of open data standards by every entity involved in the mortgage and property sector, allowing for data to be shared in a digital, standardised, and secure manner.
As the UK’s largest mortgage lender, Lloyds’ contribution to the association will involve assisting in the establishment of transparent data sharing practices and setting industry-wide standards. Leadership and technology teams from Lloyds will collaborate with OPDA’s executive committee, which includes 15 leaders from various sectors, to drive the change.
Maria Harris (pictured), chair of the Open Property Data Association, highlighted the significance of Lloyds’ membership as a critical endorsement for the advancement of open data sharing in the property market.
“Having Lloyds Banking Group as an OPDA member is fantastic; it will help us get the message across to the property market that open data standards are fundamental to digitising transactions and that we can deliver a better experience for everyone,” Harris said. “Having accurate and trustable data about our property is vital to give people and the industry confidence.”
The lender’s involvement also extends to supporting OPDA’s newly introduced framework for property data standards. This framework, based on standard data and governance principles, aims to facilitate a common understanding of property attributes and ensure data is shared reliably.
“We are passionate about driving shareable data that can improve the end-to-end house buying process, creating a safer, more trusted experience for customers,” said Claire Cherrington, head of strategic and technology partnership at Lloyds Banking Group.
“We are right behind OPDA in their mission to change the way people buy and sell houses by implementing open data standards and encouraging transparent data sharing across the residential property sector.”
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