Leeds Building Society's mortgage transformation

Overview: Leeds Building Society transform their mortgage journey

Leeds Building Society cuts mortgage decisions in principle to 11 seconds

Increasing operational efficiency, scalability and speed of decisions, Leeds Building Society has seen immediate business change and value after implementing Experian’s PowerCurve Originations platform. The society will benefit further from the flexibility to expand, adapt and control future requirements, including climate risk strategies and more.

Leeds Building Society has been on a transformation journey, with a vision to improve mortgage processing and digitally enhance the customer experience.

Couple using laptop while sitting on the sofa

Challenge overview

The company’s main aim during this transformation was to develop a new, modernised digital front-end application for customers, harnessing more automation to enable greater operational efficiency in the back-end. In doing so, they needed to incorporate the controls and constraints required by the different areas of their business.

At the same time, they wanted to improve their decisioning, not only to support existing products, but also to drive growth by expanding their portfolio to include new markets and customers.

Central to all of these objectives was the integration and implementation of a flexible, scalable and efficient decisioning system.

Challenges
  • Replace and enhance front-end broker customer interfaces and lending journeys
  • Automate over 80% of lending criteria, delivering over 200 rules and 30 document requirement options
  • Deliver straight-through automation for lower risk lending cases
View Leeds Building Society Profile
Company Bio:

Leeds Building Society is a building society based in Leeds, England. It serves approximately 719,000 customers across the United Kingdom, who together hold £9.9 billion in savings balances and is the fifth largest building society in the UK. It has 65 branches across the UK, with 29 located in Yorkshire, with two international branches located in Gibraltar and Dublin, Ireland.

Number of UK customers: 700,000+
Number of UK branches: 65
Number of employees: 1,400+
We adopted a hybrid model with Experian, where they delivered a base solution and we were given the control to build out the product to our own detailed specification. We are, as a risk function, now in direct control of our own decisioning change initiatives, reducing third-party execution risk for the business and increasing agility.
Andrew Mellor, Risk Director, Leeds Building Society

Solution overview

The outcomes for Leeds Building Society, and their customers (inc. broker network) have been significant. Improved accuracy while reducing risk, new business growth as well as doubling their Net Promoter Score. Operationally, they moved from 80% manual, to 80% automated and cut decision in principle time to just 11 seconds.

This activity helped Leeds Building Society progress in five key areas of the business:

  1. Transforming the digital customer journey
  2. Operationalising additional data variables
  3. Generating greater efficiencies
  4. Improving credit-risk assessment strategies
  5. Improved and modernised IT architecture
An increase of operational efficiency transformed the mortgage journey to cut decision time in principle to 11 seconds.
Learn how PowerCurve Originations could help your business
Results
  • Mortgage applications processed faster: 11 seconds for decisions in principle
  • Improved customer and broker experience, doubling their Net Promoter Score
  • Greater agility, enabling rapid change when needed with less than 24hrs for discreet changes
Solutions
Leeds Building Society transform their mortgage journey

Leeds Building Society cuts mortgage decisions in principle to 11 seconds

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