The worldwide pandemic has accelerated the adoption of technologies that had slowly started to disrupt the traditional property development industry. One of them is the power of big data, gathering historical and real-time information, paired with AI and machine learning to enhance their actionability for pricing predictions through historical trends and marketplace activity.
While real estate is now no longer immune to the grasp of technology as the trends in virtual and augmented reality and smart devices bring a renewed sense of connection, property development is poised for changing the buyer experience by digitising it. Even as these technologies have disrupted the final stretch of a property development project, they are paving the way for more transparency throughout the industry. FutureBricks is geared towards future-proofing the company by setting standards in technology innovations, where transparency is of central importance.
Arya Taware, Managing Director and Founder of FutureBricks, is known for changing the investor experience in the world of property investments. With her forward-thinking approach in making transparency central on the desktop and mobile application platforms at FutureBricks, Arya is bringing the technologies of the investment world closer to the world of property development.
FutureBricks is property investment made simple. Backing SME housebuilders in the UK, retail lenders can invest with as little as £500 and earn up to 10% gross interest per annum. FutureBricks takes care of vetting property development projects through a rigorous vetting process and monitors their progress. Capital is at risk.
What has been the traditional company response to financial technology innovations nationally?
Property development is amongst the few industries that has been slower at adopting technology trends, by staying unfazed in front of technology innovations. For example, most home buyers would still envision signing the documents of their house with a pen and paper. While there are software companies that easily eliminate this requirement in the process, the pandemic that took the world by storm has now forced traditional industries like property development, to turn to the aid of technology. Covid has most likely fast-tracked this adoption by 2 or 3 years earlier at least and technology trends can no longer be overlooked even in such a brick and mortar world. As a company, FutureBricks is continuously tapping into the power of technology to bring some of its best features to end-users as, whilst protecting data and enhancing the user journey, through technology as it paves the way forward.
How has this changed over the past few years?
In the past few years, property development itself has lagged behind in terms of technology innovations compared to other industries. Yet, with Covid now in the picture, it has encouraged firms to choose alternatives that are born of technology. This shift has been long-awaited and such a simple thing as an electronic signature, even when it comes to the witness’ signature is a step forward for the property development world.
Is there anything that has created a culture of change inside the company?
FutureBricks stands for fintech and the technological element is part of the DNA of the company. Beyond taking a forward-thinking approach and tapping into the power of big data, our work culture is one that has adapted the quickest to the new environment around us. We have made work hours even more flexible and supported remote working more easily. This has allowed us to overfund during the Seedrs crowdfunding campaign.
What Fintech ideas have been implemented?
FutureBricks’ lending platform for retail lenders who want to keep tabs on their portfolio of property development projects is fully automated, including the mobile application. We allow users to monitor the projects they have funded with us: by viewing project details, evaluations or property developers’ (borrower) records. These features are made available as the users invest through an e-wallet system and keep them updated with notifications. FutureBricks is proud of its desktop platform and mobile application, as they endorse an ease of use in the property investment journey.
What benefits have these brought?
Ultimately, the technological features offered by FutureBricks offer a great customer journey. The onboarding of new clients who want to join the lender community is based on simplicity and efficiency, from Anti-Money Laundering (AML) checks to Know Your Client (KYC) data gathering and topping the e-wallet to tracking investments. This seamless experience has attracted a growing number of customers to the FutureBricks’ website and mobile application.
Do you see any other industry challenges on the horizon?
Within the property development industry, we are ready to see a housing pricing shift after the stamp duty holiday ends on March 31st 2021; there is an expected slight dip. From a broader perspective, there are certain expectations for all industries at large as we progress through the current economic climate. FutureBricks is about staying agile as we evaluate the supply and demand in the property development sector and keep a close eye on the changing market.
Can these challenges be aided by Fintech?
Transparency is what allows a seamless process. FutureBricks is closely monitoring everything and tapping into the power of its technology features, allowing the firm to update the community of any changes and progress. This has created an efficient and joyful customer journey, from onboarding to funding projects and performance monitoring. To continuously future-proof this user journey is central for FutureBricks as we aim to set the standards. We look forward to the launch of our ISA account coming up in 2021, as it will allow our community to benefit from tax-free investing and earn up to 10% gross interest per annum. When investing, your capital is at risk.
P2P lending is not covered by the Financial Services Compensation Scheme. There is a risk that a business may default and that the loan won’t be repaid. FutureBricks is targeted at investors who understand these risks and make their own investment decisions.