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This week we will be looking into the property and financial sector.

Problem Statement: The world of property and mortgages has been becoming more complicated and demanding than ever before. The number of documents and relevant information needed throughout the whole process of getting a mortgage is extensive, to the say the least. For mortgage lenders i.e. banks, the process without a simplified solution is time-consuming and inefficient.

Scope for Innovation: Mortgages can be sped up via apps or cloud services that allows potential mortgage buyers to collect financial data, have it kept in a secure cloud and can be retrieved for mortgage purposes at any time.

Solution of the Week – Ockto: Started in 2016, Ockto collects the correct financial data from users within 5 minutes. Their services can be used for mortgages, making financial planning, rental and lease contracts. A lot of time is wasted on searching, collecting, filling in and checking all this information. Valuable time for both the consumer and the financial service provider. It is a shame, because this information is available digitally from government and financial institutions. Via the Ockto app, the consumer can access all necessary financial data from government agencies such as MijnOverheid, the UWV, and the Tax Authorities. After the consumer’s consent, the data will be sent and can be read into the users app. In this way Ockto makes the process more pleasant for the consumer and more efficient for users.

Why It Matters: Consumers have full control on which organization receive their personal data. By offering consent, consumers can simply decide to share, for example, bank transaction information or not. If the information is shared, the consent is recorded, thus consumers can always keep track of which organizations they have shared which personal data and when. Important to note that the personal information itself is not stored within Ockto and is deleted right after the information has been forwarded.

Future possibilities: Adding financial information to Ockto provides plenty of new opportunities and leads to further innovations within the financial sector. For example, financial advisers can provide to their clients better insights into possible savings on fixed costs and further advise them on this.