Leeds Building Society and Experian have announced a new partnership that will allow mortgage brokers to be offered a decision in principle (DIP) in less than 11 seconds.

The building society will use Experian’s technology to adapt its digital mortgage service into a more automated journey and minimise risk in its lending decisions.

A DIP can typically take as long as 24 hours to be offered but can now be done in less than 11 seconds through the society by deploying Experian’s technology to create a new decisioning platform based on its own specific requirements

Leeds revealed that around 80% of the customer journey is now automated and that for more complex mortgage applications, the lender can now carry out checks more quickly with minimal additional input.

“A frictionless journey is vital for all businesses as many customers now demand, rightly, a first-class experience with almost-instantaneous results,” said group MD consumer information services and decision analytics for Experian UK&I, David Bates.

“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.”

Risk director at Leeds Building Society, Andrew Mellor, 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.”

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