Guest article provided by Marnix van den Bent, Datakeeper
Marnix van den Bent (Co-founder & CTO Datakeeper) shares his passion on digital identity wallets on Day 2 at Identity Week Europe 2023.
In today’s digital age, the real estate sector is undergoing a significant transformation fuelled by technological advancements and regulatory developments. One of the key innovations driving this change is the emergence of data wallets. Digital wallets, also known as personal data vaults or identity wallets, provide individuals with a secure and efficient way to manage and control their personal information. In this article, we will explore how data wallets are becoming increasingly prevalent in the real estate sector, revolutionizing traditional processes.
What are Digital Wallets?
Digital identity wallets, usually in the form of mobile apps, allow individuals to securely obtain, store and manage their personal data. These wallets employ advanced encryption techniques to safeguard sensitive information and provide users with insights in, and control over their personal data. By empowering individuals to manage their data, data wallets offer increased privacy and security in an increasingly data-driven world.
A good example of a data wallet is Datakeeper. With the Datakeeper app, consumers can quickly, easily and securely share personal data with companies. Datakeeper sends a pre-verified, minimised set of personal data after the consumer gives consent. Real estate professionals save time, reduce costs and, more importantly, rapidly provide clarity to consumers.
Increasing Prevalence of Data Wallets
The real estate sector has long grappled with legacy systems and manual procedures that increase the risk of errors and fraud. Know Your Customer (KYC) procedures can be labor-intensive, involving multiple parties and extensive documentation. In addition to that, data protection regulations such as GDPR forces to organizations to reconsider which kinds of personal information are strictly necessary for their processes. Data wallets present an opportunity to leapfrog traditional procedures and noncompliant data processing.
Leapfrogging into New Technologies
Rather than simply digitising existing processes, the real estate sector is actively embracing data wallets to revolutionise its operations. Data wallets enable opportunities to automate tasks all the way from simple identity verifications to entire mortgage applications. This leapfrogging approach not only improves efficiency but also enhances data accuracy and transparency in real estate transactions.
New Use Cases: KYC and Mortgages
Datakeeper already boosts the real estate sector for KYC procedures and mortgage applications. KYC procedures involve verifying the identities of buyers, sellers, and other parties involved in real estate transactions.
For example, this allows the identification of Ultimate Beneficial Owners. Similarly, the mortgage application process, which traditionally involves extensive paperwork, can be simplified and accelerated through the use of data wallets. Delays due to manual document checking is minimised.