The property industry plays a crucial role in our lives, and for many, a large percentage of their net worth is tied to their property. But as integral as the property industry is, the customer onboarding experience hasn’t changed that much in decades. In fact the property industry has been virtually motionless while digital innovation has been thriving in other industries.
However, we are now seeing a change. Due to increase of the private rental market there is now a continuation of ‘generation rent’. In 2015 more than 20 million people were renting a property in the UK, and nearly half (45%) of all prospective home buyers in the UK expect to remain shut out of the property market [Source]. More recently, new analysis from PwC predicts that by 2025, 60% Londoners will be renting from private landlords [Source].
In a highly competitive market you need to be consumer focused. Especially due to the growing trend of ‘generation rent’ which is creating change and a demand for new services that better fit consumer needs, forcing innovative technology into the property sector
Over the last few years there has been the rise of ‘PropTech’ revolution to meet customer expectations, making property services more convenient and efficient for consumers, through the use of technology.
Some of the most notable PropTech firms, who have gained a lot of media coverage lately, around their business models include Purple Bricks and emoov. Whom offer a full estate agent service for a fraction of the high street price. They do this by simply moving their offering out of the shop window and online, but still retaining local experts who can advise customers when required.
Crowdfunding property websites like LendInvest and Property Moose are also now on the rise, and the most recent entrant to the PropTech scene is Property Partner, who give investors access to a global property stock market.
Whether you’re a PropTech or a high-street estate agent, you will need to be fully compliant with regulation. It is important to demonstrate that you are deploying best practice due diligence processes to the regulators, when onboarding your customers. It is essential that you perform extensive due diligence on all parties, whilst ensuring a great customer experience.
For PropTechs and traditional property firms to remain competitive they will need to continue to innovate their customers onboarding and fraud mitigation processes.
The property sector can anticipate ever greater regulatory scrutiny and that effective fraud mitigation and risk management can enhance firms’ reputations and offer an edge in a highly competitive market.
Here at Contego, some of the UK’s largest property firms and PropTechs rely on us to mitigate fraud risk and streamline their customer onboarding.
We do this by providing real-time, automated checks on People, Companies and Identity Documents, combined with one of the largest databases of screening information.
One of our recent clients, Bricksave, a global real estate crowdfunding platform, selected Contego’s due diligence platform to help solve its international regulatory needs and to rapidly onboard new customers, to learn more please visit our press release page.
Watch the video as Richard Ingles, Head of Client Development, explains how Contego can streamline your customer onboarding and help ensure you comply with regulation.
If you would like to remain competitive and keep the regulators at bay, then get in touch today by calling +44 (0) 1235 375 000 or visit the Contego website to find out more and book an online demo.