Riyadh - Mubasher: There are several reasons that show the need for incorporating technology and innovation in the housing sector in Saudi Arabia, said Mohamed Badat, the Chief Commercial Officer of Bidaya Home Finance, in an emailed interview with Mubasher.
The mortgage banker and real estate expert also explained that technology can make any process more efficient, convenient and transparent, noting that applying for mortgage has traditionally been perceived as an unreliable process that takes a lot of time to complete.
Badat assured his company’s commitment to streamlining this end-to-end home finance application process, making it a swift, convenient and reliable experience which could be done either online, through one of their branches or through engaging with their telemarketing personnel.
“Another reason to harness technology is to tap into the young audience, who are an important target group. With millennials and youth currently doing everything online, it is important to engage with them on digital platforms,” explained Badat.
“Technology and digital innovation transcends its role as an operational tool at Bidaya Home Finance. For us, it is a strategy, a pivot around which our products, promotions and discussions revolve,” the senior official added.
“Our most important digital asset is our website that exhibits an array of features and benefits for customers. This contributes to our continued efforts in making the home finance application a seamless and efficient process,” according to Badat.
“We signed the memorandum of understanding (MoU) with the Saudi Credit Bureau (SIMAH) in March 2016. Being the sole licensed national credit bureau of KSA, our collaboration with the body has boosted our credibility in the market amongst customers and investors.
This partnership is important to spur growth in real estate, housing and home finance without compromising the long-term health of the economy,” Badat indicated.
“One of the messages we have reiterated since inception is the importance of collaboration between private and public entities, and between key industry players.”
“Improving the housing sector of KSA involves changing mindsets and attitudes towards home ownership, which is a long-term process and requires a multi-level approach,” pointed Badat.
“Since the official launch in January 2016, Bidaya Home Finance has positively impacted over 1200 family members by successfully initiating home finance,” stated Badat.
Badat also told Mubasher that Bidaya Home Finance has signed 26 MoUs with leading local and regional companies which are operating in real estate, housing, technology and market intelligence.
