“Time to Yes” is FinTechs Key Issue says Experity Capital
Episode 18: Interview with Clint Howen, Founder at Hero Broker & Director/Head of Digital at Experity Capital
Key items discussed in this interview:
1. “Time to Yes” is the Number One Issue
2. Time to Yes is driven by FinTech ‘Super Apps’ because they offer greater insight into a customer’s financial/wealth position
3. Super App’s only possible because of data aggregators (such as Yodlee, IDS, Core Logic etc)
4. Large numbers of Mortgage Brokers to retire soon, creating opportunity for FinTech to offer technology at scale for home loans
Clint Howen from Experity Capital says he built Hero Broker to offer a fully digital home loan experience, but he realised that customers still want to speak with, or be guided by, another human when it comes to the home loan experience.
Whilst the number one driving force for the technology is how to reduce the complexity and time is takes to originate a home loan, human psychology is such that customers still require explanation on the process for applying for, and getting a home loan.
FinTech allows Brokers to ‘do more with less’ – Clint is planning to use technology to scale how many clients a broker can deal with at any one time. Additionally, a large percentage of the current home loan/mortgage brokers are over 55, and will retire soon; Experity will look to buy their ‘mortgage books’ and use their brokers plus their technology to service the clients.
FinTech allows Brokers a greater and deeper insight into each customers, whereby the technology pulls more data into the ‘one view’ of a customers income/wealth profile, allowing a Broker to help the customer, especially on the home loan journey. This issue is often referred to as the ‘benefit of the Super App’
Clint discusses how a large percentage of Mortgage Brokers will be retiring over the next decade, creating a huge opportunity for online/fintech if they can get the balance right between technology at scale and human-to-human interaction.
Yodlee and other data providers play a crucial role in enabling the ‘Super App’ by bringing the data together in one place
About Clint Howen, Hero Broker and Experity Capital
Clint is an experienced startup founder with a mission to connect the design, technical and business worlds to help build innovative, user-centric products. Clint is the founder of Hero Broker as well as Director and head of digital at Experity Capital
Experity Capital is a fintech and mortgage broker that offers customer the ability to Manage All their Money, Assets, Investments In The One Place. Experity customers can Manage & view all their bank accounts, property assets and investments in the one place.
https://www.linkedin.com/in/clint-howen-794a2b75/
Listen to all the episodes here:
https://fintechsummit.com.au/the-fintech-report-podcast/