Ohpen CEO shares 2021 fintech predictions – Bidding farewell to intermediaries and boosting ‘DIY finance’

“We’ve all seen how banks have stepped it up when it comes to digital onboarding amidst the Covid-19 crisis. But opening a bank account remotely just scratches the surface of what can be done without people, or places.

“In 2021, we’re going to see more “DIY” finance. Gone will be the days of trying to tally up the cost of a particular house before entering into arduous mortgage negotiations with an advisor. Instead, we’ll see financial institutions (FIs) using the appraisal mechanism, whereby they plug an expanded range of trusted data sources, including things like credit history information and Google Maps indicators, and pair it with the newest machine learning technology. With customer permission, this will enable FIs to build accurate consumer profiles, helping buyers find out –  in milliseconds – how much they can borrow. With over 50% of SME lending applications still requiring manual revision, entrepreneurs will also follow this same premise to instantaneously find out how much financing is available to them too.

“We’re already starting to see it in the UK with the closure of bank branches, but next year will be the awakening of what is truly possible for digital financial services. 2021 will see smarter straight-through-processing (STP), bidding good riddance to the intermediaries and manual processes that have complicated banking for consumers and businesses alike for so long.” – Matthijs Aler, CEO at Ohpen