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Why FinTech's are zeroing in on everything traditional lenders aren't
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The term ‘FinTech’ has become more and more popular in the last decade and whilst there is no coined definition, it is generally understood to mean companies that leverage technology to innovate and revolutionise solutions within the finance industry. According to a recent EY fintech report, the global implementation of fintech has grown by over 48% in just three years and of the 27,000 surveyed, 96% demonstrated awareness of fintech. This increase in awareness has even resulted in highly regarded universities such as Harvard, now offering study courses in fintech.
So, what are the driving factors behind fintech’s rise?
1. Serving the underserved
Almost one-third (1.7 billion) of the world’s adults are unbanked. Unequal access to financial services acts as a breeding ground for market disruption, with traditional banks focusing on high-margin business and profitability, thereby, underserving individual and small enterprises. Here at Bridgit, we centre our products on a core value of ‘fairness’ and believe everyone should have the same equal access to bridging property finance.
2. Gaining back the trust lost by traditional lenders
According to regtech provider Fenergo, since the 2008 financial crisis, some $36 billion in noncompliance fines were issued to finance organisations, with 12 of the top 50 global banks in the mix, which led to an Australian Royal Commission being established in 2017 to investigate this misconduct in the finance industry.
It seems to be easy for the money-hungry big banks to forget that customers aren’t actually looking for a loan, they are looking for a home. Bridgit has been able to combat this mistrust by delivering a simple, trustworthy, and stress-free loan application experience.
3. Focus
Another advantage of fintech is their ability to focus on more than just profits, translating to a greater sense of customer care and experience. At Bridgit, we focus on innovation through technology which has helped us respond faster to the ever-changing needs of the customer and stay ahead of traditional lenders.
The choices for where consumers can take out a property loan look drastically different in today’s world by being able to choose faster, fairer, and more simple property financing options.
So, what are you waiting for? Chose Bridgit and get approved today!
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Eligibility and approval is subject to standard credit assessment and not all amounts, term lengths or rates will be available to all applicants. Fees, terms and conditions apply.
1The Stay Rate will only apply if a repayment is made from the sale of Outgoing Properties (or another repayment method approved by us, at our discretion) and the repayment reduces the Amount You Owe to an amount that is equal to or less than your Residual Loan Balance.
^Comparison rate is calculated on a $150,000 secured loan over a 25-year term. For Upsizer loans, a Bridge Rate applies for the first 12 months, followed by a Stay Rate thereafter. For Downsizer loans, only the Bridge Rate applies. WARNING: This comparison rate is true only for the example provided and may not include all fees and charges. Different loan amounts, terms, or fee structures will result in different comparison rates. For interest-only periods, your loan balance does not reduce, meaning you may pay more interest over the life of the loan. Set-up fee from 0.60% and government charges apply.