The UK’s largest lender, Lloyds Banking Group (LBG), has joined the Open Property Data Association (OPDA). The aim is to overhaul and speed up home buying and selling through a standardised approach to sharing digital data. This creates an opportunity to make transactions quicker, more transparent, and easier for buyers and sellers.
Currently, less than 1% of property data is openly available in a digital format. Converting property data sources and documents to a digital format and making it shareable through open data standards is essential to support a digital homebuying experience. Removing manual processes and friction can reduce fraud. It will also prevent transaction fall-throughs, all of which deliver huge benefits to consumers. OPDA’s aim is for every company, in every part of the mortgage and property chain, to share open data in a digital, standardised, and trusted format.
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Developing transparent data sharing practices, raising standards, promoting best practice
LBG will support the Association in developing transparent data sharing practices. It aims to raise standards and create best practice across the property industry. Members of LBG’s leadership and technology teams will work alongside OPDA’s executive committee. This comprises 15 industry leaders, technology innovators and organisations to drive positive change.
LBG will support OPDA’s latest framework for property data standards. The framework is a standardised set of data and governance principles. It includes a common data dictionary, a standardised way to describe property attributes and a methodology for sharing data with trust and provenance. LBG will further support the ongoing development of the trust and interoperability framework.
Sharable data to improve the end-to-end house buying process
The first stage of the new framework is available to the property industry and their software providers. This incorporates estate agents, lawyers, lenders and brokers, without any restrictive proprietary licences.
Claire Cherrington, Head of Strategic and Technology Partnership at Lloyds Banking Group, said: “We are passionate about driving shareable data that can improve the end-to-end house buying process creating a safer, more trusted experience for customers.”
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By GlobalData“We are right behind OPDA in their mission to change the way people buy and sell houses by implementing open data standards and encouraging transparent data sharing across the residential property sector.”
Maria Harris, Chair of OPDA, added: “Lloyds Banking Group joining us is a momentous step forward for open data sharing and a huge endorsement of our mission. Having Lloyds Banking Group as an OPDA member is fantastic. It will help us get the message across to the property market that open data standards are fundamental to digitising 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.”
