HSBC UK has joined the Open Property Data Association (OPDA) to enhance the homebuying process by improving the sharing of digital property information across the mortgage market.
This move aligns HSBC with other major lenders including Nationwide and Lloyds Banking Group, signalling growing momentum towards more transparent and customer-centric homebuying experiences.
The OPDA has been advocating for the digitisation of property data at its source, such as land registry and planning permissions, to create a fully digital homebuying market. HSBC’s membership plays a key role in driving innovation, reducing transaction times, and improving the overall digital landscape for homebuyers.
According to Oli O’Donoghue, head of mortgages, HSBC UK, joining the OPDA is a significant step for the bank 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,” said O’Donoghue.
“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.”
Digitising property transactions
Maria Harris, chair of OPDA, also added: “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 per cent 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.”
According to the OPDA, it has already delivered open property data standards and models for trustable and shareable data with free and open-source tools created and tested in collaboration across every sector across 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.
