Knowledge Bank has announced the launch of a new insights tool for lenders.

The new system, KB INSIGHTS, is powered by the Knowledge Bank’s criteria sourcing engine and can be used by lenders to interrogate their own criteria’s performance and benchmark in either against the whole or a specific area of the market.

Knowledge Bank said this can enable lenders to identify gaps in their criteria that might see them excluded from brokers’ searches, as well as help lenders to identify new lending opportunities.

The system was built in consultation with a number of high street lenders, building societies and specialist lenders. The millions of searches performed by brokers on Knowledge Bank, which is the largest database of lending criteria in the UK, make it an accurate tool for lenders to benchmark their proposition against both the rest of the market and customer demand.

KB INSIGHTS will be available across all seven lending types covered by Knowledge Bank, which include residential, buy-to-let, second charges, equity release, self-build, bridging and commercial.

“Lenders have always been desperate to know how and where their criteria was positioned in brokers’ searches and now they have that power,” Knowledge Bank CEO, Nicola Firth, commented.

“Typically they only knew about the cases that made it through to an application and had no idea how many potential borrowers were excluded by their criteria decisions. Now, we're giving them the ability to find criteria niches and help more brokers place more cases.

“Comparison tools are built into the system and lenders can use KB INSIGHTS to really drill down into the data and fine tune their policy proposition and give greater clarity to brokers.”

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