New bank app cuts out estate agents entirely
Platform enables customers to list and sell their homes to each other, cutting out agents entirely
The real-estate industry, like other sectors, has been disrupted by the new economy - but in FNB's recently launched online platform it may have met its biggest challenge yet. The platform enables customers to list and sell their homes to each other, cutting out agents entirely. Estate agents have long played a critical role in helping buyers find the perfect home and sellers make the best sale, while pocketing hefty commissions. FNB, owned by FirstRand, said SA had more than 8-million properties registered in the deeds office. Marius Marais, the bank's head of secured lending, said the bank used the Financial Intelligence Centre Act process and a panel of conveyancers as part of its checks and balances to ensure that buyers and sellers comply with legal requirements. Marais said FNB uses its app to appeal to the significant youth demographic, which values ease of use and convenience. He added that the bank had about 3-million users on its banking app, with a million of its customer...
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