We were very excited to have our advisor, Kimberly Gire speaking on a panel at UDIA Congress in Melbourne (running 20 – 22 March 2018).
She participated in the Digital Disruption in the Property Market – Harnessing the power of emerging technologies discussion.
Following are some of the key conversations discussed amongst the panel:
1. It’s time for people take control of your data
Rather than the financial institutions holding the key to your data, Lodex’s platform with the introduction of Social Scoring enables consumers to take control of their data, update it easily and add to it over time.
2. Removing discrimination
Social scoring can help to remove discrimination in the loan application process. A great example discussed was women who have been out of the workforce for a period of time could find it difficult to get a loan with a break in their career history. Social scoring can supplement this lack of data for women in other markets and Lodex is introducing this to Australia. Also highly relevant for migrants and millennials who might otherwise not have sufficient credit history.
Startup TALA, makes micro-loans to entrepreneurs in the developing world, allowing under-banked people in emerging markets to both obtain a credit score, similar to the Social Score looking at ~10,000 data points, and secure a small loan of between $10 and $500 using only an Android smartphone app. One of the largest female founded start-up businesses raising US$30 million in a series B round, TALA has highlighted that only 7% of small business owners that are women previously have access to capital, however through TALA’s 30-day loan product, approximately 36% loans are now going to women. This is all due to new ways of assessing social and smartphone data.
3. The world needs to get smaller
Many of us increasingly use social media to connect to each other, across town and across the world, and people in emerging economies such as Africa and South East Asia are also increasingly using mobile and social media. These technologies provide innovative ways to bring access to financial services, to close the gap, using new tools like social scoring. Tools like Lodex are a way to close the financial inclusion gap and give the power back to the consumer.
4. Removing friction
New innovations and technologies are being developed to take the friction out of the system for both borrowers and financial service providers. Seamlessly bundling traditional application data with property reports and bank statements, makes for a smooth, efficient and cost-effective process for everyone. A lot more of this to come. We love that so many companies are harnessing the power of emerging technologies!
Kimberly, Fintech Advisory for Lodex, joined:
Anthony Millet, CEO, BrickX
Greg Dickason, Chief Technology Officer – International, CoreLogic
Julian Nachmias, General Manager Demand Deployment, NBN
Steve Sammartino, Business technologist
If you are interested in the other areas discussed you visit the UDIA Congress website here.
If you have any questions then don’t hesitate to email us at email@example.com