Digital mortgage lender Molo has implemented Experian’s open banking technology.
Experian’s open banking service offers Molo’s customers the option to provide instantaneous digital verification of their income instead of having to search, save and upload documents.
The service uses Experian’s automated categorisation engine that allows Molo to identify different types of income through the use of data analysis and machine learning.
Francesa Carlesi, chief executive at Molo, said: “We’re thrilled to be collaborating with Experian.
“It’s another great step forward in providing an ever better, faster, more personalised service for our customers, and we expect that this technology, in conjunction with our own, will lead to far greater personalisation in the not-too-distant future.”
Lisa Fretwell, managing director of data services at Experian, added: “The buy-to-let mortgage process is stressful enough without having the added pressure of gathering crucial documentation to help access affordability.
“It’s a hassle for the broker, lender and, most importantly, the homebuyer.
“Experian’s open banking solution helps to ease this pain, providing a seamless, digital alternative to the traditional paper-based model, helping enable a reduction in decision times and improved customer outcomes.
“We are delighted to be working alongside Molo to help move the mortgage process into the digital age.”
Since launching to market in 2018, Molo has surpassed more than £250m in applications.