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Mansfield Building Society said adopting the open banking platform DirectID will make it easier mortgage applicants to provide bank statements online.
The service allows borrowers to give consent for their bank to share their statements online with The Mansfield.
To enable the system, borrowers log in to their online banking via DirectID which will give the society access to their details for a limited period.
The update will improve the speed of validating income and expenditure and help prevent brokers from having to secure approved PDFs or paper-based submissions from clients, the society claimed.
Richard Crisp (pictured), commercial development executive at The Mansfield, said the society was determined to improve the broker and borrower experience.
He added: “Brokers and borrowers regularly tell us that they value our individual lending approach in providing flexible solutions to slightly unusual or niche circumstances. At the same, they need an increasingly swift and efficient service and, as a result, we’re delighted to be launching this service with DirectID.
“This new service is a safe and convenient way for borrowers to provide their bank statements online via DirectID’s open banking platform. This improvement can help brokers reduce the amount of chasing around they do for their clients and help us deliver a faster speed to offer.”
“Combined with our robotics developments, not only can we continue to commit to our flexible underwriting approach, we can do it with the modern service that brokers and borrowers need,” Crisp noted.
Mansfield’s recently announced it was switching to robotics to transfer of data between systems, rather than requiring staff to manually re-key information.
The society said the use of robotics also allowed colleagues to focus on customer contact and provide an individual approach that is valued by brokers and their clients.
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