UK-based Habito has launched a range of digital products to streamline the mortgage process:
UK Finance. This entrenched position incumbents hold likely means easing the mortgage process alone won't be enough for fintechs to be genuine threats: They also need to raise awareness of their products and build trust among consumers, given how big a mortgage decision is. And as we've seen with UK
, this last part is not straightforward: While consumers may enjoy the ease at which fintechs deliver services, incumbents' trusted position built on their longevity is much harder to dislodge.Mortgage fintechs in the US have proved it's possible to disrupt the industry — and that's likely to embolden the likes of Habito.
Fintechs have already dethroned US incumbents as the biggest mortgage originators. A decade ago, the likes of JPMorgan Chase and Wells Faro were the biggest players in the US mortgage industry, with the top five banks' share standing at over 50%,Fast forward to now and that picture is entirely different, with the top five incumbents' share falling to 21.1% in Q3 2018.
Notably, this success is despite the US lagging behind other major global economies on consumer adoption of fintech solutions: Its score of 46% is considerably lower than the global average of 64%,For UK mortgage startups like Habito, this is a boon, with fintech adoption in the country at 71%. As such, if these players can boost awareness of their propositions, they appear to have a significant opportunity to eat up incumbents' market share.1.
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