Lloyds Banking Group (LBG) has announced it will join the Open Property Data Association (OPDA) to revamp sluggish real estate transactions using digital data.
LBG will spearhead consumer awareness and comprehension of digital property data, supporting the trade association in establishing transparent data sharing and elevating industry standards.
In addition, members of LBG’s leadership, technology, and data teams will collaborate with OPDA’s executive committee, consisting of 15 industry leaders, technology innovators, and committed organisations.
OPDA is an initiative aimed at revolutionising the home buying and selling process by promoting open data standards and encouraging transparency in the residential property sector.
“Lloyds Banking Group joining us is a momentous step forward for open data sharing and a huge endorsement of our mission,” Maria Harris, Chair of OPDA, commented.
“Having such a trusted High Street name as an OPDA member is fantastic; it will help us get the message across to the consumer that open data standards are fundamental to digitising property transactions and that we can deliver a better experience for everyone.
“Having accurate and trustable data about our property is vital to give people and the industry confidence as the market starts to recover.”
Currently, less than 1% of property data is openly available in a digital format and with the rise of digital transactions, transitioning all property data sources and documentation to a digital format and facilitating its shareability through open data standards is a priority in the sector.
Eliminating manual processes and obstacles reduces the risk of fraud, transaction failures and streamlines contract exchanges to as little as 15 days, offering substantial advantages to mortgage lenders.
Amid signs of a tentative market revival this year, and with lenders increasingly prioritising consumer duty, the need to speed up transactions, enhance transparency and simplify processes for buyers and sellers is stronger than ever.
Earlier this year, Lloyds made its intentions clear on digitalisation as it became the first UK bank to join the WaveBL platform, offering clients electronic Bills of Lading (eBLs) for faster and more sustainable trade transactions.
Claire Cherrington, Head of Strategic and Technology Partnership at Lloyds Bank Group, said: “We wholeheartedly support OPDA’s mission to change the way people buy and sell houses by implementing open data standards and encouraging transparent data sharing across the mortgage and wider property sector.”
Through the collaboration, LBG will integrate and promote OPDA’s newest framework for property data standards across its mortgage lending brands and within the industry. The framework is freely available to anyone in the property sector.
The framework is a standardised set of data and governance principles, which includes a common data dictionary, a uniform method to delineate property attributes, and a protocol for data sharing with trust and credibility.
Cherrington added: “At LBG we are passionate about driving technology adoption and I am particularly excited about how shareable data can improve mortgage lending and create a safer, more trusted experience for customers. Property buying and selling needs to become much easier and quicker.”
