HSBC UK joins forces with OPDA to drive digitisation

HSBC UK has joined forces with the Open Property Data Association (OPDA) to help improve the homebuying process through the sharing of digital property information across the mortgage market.

HSBC UK, one of the UK’s largest banks, joins the OPDA hot on the heels of Nationwide, who announced its membership in July, with Lloyds Banking Group having signed up in March.  

Having the commitment and support of another key mortgage lender reflects the momentum behind customer-led experiences which are underpinned by trust, open standards, and greater levels of transparency and customer control. The future of digital services and improving the homebuying process was also clearly signalled by the government as announced recently in the Digital Information and Smart Data bill.

OPDA has called on the Government to deliver digitised property data at source including HMLR, planning permissions, building safety, and local authority searches as promised in 2018, and to provide clarity to the industry on executing a fully digital home buying market. 

Enhancing their experience

The first of its kind, OPDA has already delivered open property data standards and models for trustable and shareable data with these free and open-source tools created and tested in collaboration across every sector in the property industry. Those using its data standards for digital property packs have seen time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days.  

Oli O’Donoghue, Head of Mortgages, HSBC UK said: “Joining the OPDA is a significant step for us to help play a part in further improving the home buying process. 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. 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.

“We are truly excited to collaborate with other industry leaders and hope this will help drive innovation and improve the digital landscape for all home buyers.”   

Maria Harris, Chair of OPDA, said: “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. Over 40% of UK mortgage customers are supported every year by our lending members who have some of the deepest and long-standing relationships with distribution and technology providers. 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. 85% 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.”