Saturday, June 9, 2018

How fintechs are upending the mortgage space and creating opportunities for retail banks

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How fintechs are upending the mortgage space and creating opportunities for retail banks

provider swtiching UKBI Intelligence

This is a preview of a research report from Business Insider Intelligence, Business Insider's premium research service. To learn more about Business Insider Intelligence, click here.

Mortgages are valuable for retail banks, but they're also complex products. In the UK alone, mortgages account for almost 60% of retail banks' profits. But mortgage lending can be a complicated process — it involves estate agents, appraisers, and conveyance agents.

This complexity has resulted in major consumer pain points, like a lack of understanding of mortgages, inconvenient access channels, and difficulty switching providers. In an increasingly digital landscape, tech-savvy consumers are starting to demand simpler ways to take out mortgages, and legacy providers are suffering. In the US, the top three incumbent lenders together captured about 45% of the overall mortgage market in 2011; they hold just 24% in 2017.

See the rest of the story at Business Insider

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