Ishaan Malhi, CEO and founder of the UK’s first online mortgage broker Trussle:
“Open banking has the potential to greatly improve the mortgage experience for millions of homeowners. It’s therefore a shame that a number of banks have yet to show their commitment to it, having missed the implementation deadline. We’d like to see this higher up on their agenda in a time when technology has already begun to make a massive impact in other areas, from the launch of new digital mortgage lenders to online mortgage brokers.
The potential of open banking is huge and could further improve the mortgage experience in a wide range of ways, including simplifying and speeding up the mortgage switching process. This is particularly important in eradicating switching inertia, which we know to be costing around two million UK homeowners around £10 billion a year.”