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New research reveals the homeowners digital divide

New research from client compliance platform Thirdfort  reveals the digital divide when moving home. The research shows that nearly half (46%) of those working in professional or managerial jobs have used digital tools when moving home. However, less than a third (29%) of those working in skilled, semi-skilled or unskilled jobs say the same.   

The survey of 2,054 UK adults by YouGov also shows that nearly a sixth (14%) of homeowners working in professional or managerial jobs have used digital tools to verify their identity with a property professional. However, just 4% of homeowners in skilled, semi-skilled or unskilled jobs have used such tools. Meanwhile, just 6% of those working in skilled or manual occupations have used a digital tool to share bank statements, while 15% of those working in professional or managerial jobs have.

The digital divide extends to other areas moving home. Some 15% of those in professional or managerial jobs have used a web portal to conduct an online mortgage application and 13% have used an online tool to assess property values, just 4% and 6% of those in skilled or manual jobs have done the same. Olly Thornton-Berry, co-founder and managing director of Thirdfort, said:

 “Moving home is being transformed by digital tools. Innovations now enable homebuyers to conduct ID and anti-money laundering verification digitally, cutting transaction times by up to a month and reducing the risk of fraud and money laundering. Technology can and should benefit all, no matter their circumstances. Many estate agents, lawyers and lenders have adopted digital client verification. More property professionals should embrace such technology for all.”

Overall, nearly two-thirds of UK homeowners say providing paper documents to a property professional such as an agent, broker, lawyer, or lender would benefit from digitization. Meanwhile, 62% suggested providing ID documents to a property professional could be improved by digital tools. Some 60% cited undertaking credit checks with a lender.

Thirdfort facilitates KYC, AML and Source of Funds verification using AI, biometric verification, and Open Banking. It has transformed a cumbersome process that traditionally took weeks into one that takes just minutes.

The client compliance platform has verified more than 1.4m people on behalf of more than 1,200 conveyancers, lawyers, estate agents and other regulated professional services firms.

This article was submitted to be published by Thirdfort as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.

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