At our recent event, we sat down with Lucas Lopes, Chief Product Officer, Consumer Information Services & Verifications UK&I at Experian for a candid discussion on the current state of the mortgage industry, innovation opportunities, and what’s next for data and verification in homebuying.

Lucas brings a unique perspective from his time in both Brazil and the UK, and is now helping lead Experian’s efforts in transforming the credit bureau and verifications space.

Here’s a breakdown of what we learned from the conversation:

1. Regulation is both a driver and a bottleneck

The UK’s highly regulated environment means strong consumer protections and established processes - but also real constraints on innovation.

“The regulation here is very strong. Comparing to Brazil, just for a lender to actually change a credit risk model to approve something - that's a massive barrier, in my point of view, for innovation.”

2. AI and automation are promising -  but integration remains the real hurdle

While many lenders are actively exploring AI, most of their investment still goes into maintaining existing systems. True transformation depends on fixing data flows, not just layering AI on top.

"The process is only as good as the weakest link in the chain."

3. The affordability challenge isn’t just about credit risk

Affordability assessments are core to the mortgage process - and expensive. According to a recent FCA report, each check costs lenders an average of £31. Improving these processes could unlock significant savings.

"Affordability is coming up a lot. We should start showing consumers not just that they’re approved, but what kind of loan they’re likely to get."

4. Verifications will only scale if we improve data coverage

Verifying income and affordability data is one of the most costly, manual, and variable parts of the mortgage journey. But lenders won’t shift to new tools until coverage and hit rates are high enough.

"If you’ve only got 10% coverage, it’s not worth changing the process for. We need to increase that hit rate."

5. Lenders and brokers need to be part of the same ecosystem

One of the big challenges is that different players in the mortgage journey often collect and verify the same data separately. Syndication or shared access could reduce redundancy and cost.

"Multiple stakeholders need the same information, but access it independently. Who owns that data? And who pays for it?"

6. Consumers will share data, if there’s a clear benefit

According to Experian’s own research, 90% of consumers are happy to share data if it leads to better outcomes, such as improved credit offers or faster processes.

"They’re willing to provide data if there’s a clear benefit."

7. True innovation must be grounded in real, user-centric value

The panel echoed a recurring theme across the day: AI isn’t a shiny add-on it’s a tool that needs to solve specific pain points.

"Innovation is most effective when it’s purpose-driven. AI has immense potential but only when applied meaningfully."

Thank you again to Lucas and everyone who joined us on the day. For more insights, you can find the full recap and additional takeaways on our website or follow us on LinkedIn for upcoming sessions.

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