In this wide ranging interview with Marcus Price, CEO of PEXA, which is spearheading the property industry’s transition from paper to digital settlements, a move that has challenged practitioners and lenders to adapt, he talks about being at the frontier of digital disruption and how brokers are going to fit into PEXA’s widening ecosystem.
Throughout Marcus Price’s career, technology and change have been recurring themes, from starting three of his own technology companies to working at NAB. Modernising property settlements isn’t just about implementing new technology and hoping everyone jumps aboard. It’s about building people’s trust in the unknown and reshaping how they think and approach the settlement process.
“E-conveyancing was not a technology problem; it was a people and business problem. There’s nothing particularly earth-shattering about the technology we’re using here; it’s pretty straightforward stuff,” he says. “It’s about changing behaviours and changing processes, so I think a science degree in psychology was entirely the appropriate qualification,” he says.
So far Price and the PEXA team have been incredibly successful in getting nearly 5,000 conveyancers and lawyers as well as 129 lenders to shelve their familiar paper processes. More than 550,000 digital transactions worth almost $70bn have been transacted through PEXA’s online platform since 2013. But Price’s work is not done yet.