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The industry is a buzz with the how artificial intelligence (AI) and machine learning will change the way we work and the benefits it will create for labor intensive processes. LoanLogics has certainly been at the forefront of that transformative conversation in a number of recent industry articles and webinar on the topic What has been talked about less though is how organizational trust and acceptance of automation is a key component of success.
A popular quote from the book ‘Flight of the Buffalo’ by James Belasco and Ralph Stayer explains this resistance well, “Change is hard because people overestimate the value of what they have and underestimate the value of what they may gain by giving that up.”
Optimizing the efficiency of audit staff creates job satisfaction and automation can elevate the significance of the work being performed by these valuable resources. But adoption of technology and developing “trust” in its use, can be a challenge.
As a regtech automation and audit services provider, LoanLogics’ audit staff uses our own technology in practice. We have direct experience developing best practices for embracing technology, optimizing resources, managing retention and hiring audit staff. As such, we’ve curated our Top 5 Best Practices for ensuring an organization embraces technology successfully.
Best Practice #1 – Look for comfort with technology in the hiring process.
There are many great auditors who have experienced the pain of doing too much manual, routine work, but who have not embraced technology when provided. If you get the sense there is a desire to continue to do things “the way I’ve always done them,” during the interview consider that a red flag. Alternately, look for individuals that see technology as a benefit and a pathway to higher achievement.
Best Practice #2 – Identify early adopters.
When evaluating existing audit staff, look for those who are excited about the possibility of change through the implementation of automation. And, as you begin to test their skills, implement measures that track not only productivity, loan per person per day, but also quality.
Best Practice #3- Designate a change ambassador.
Find someone on the team who can be a role model in the transition to new technology forward processes with your staff. They can also serve as a communication channel for audit staff to share concerns or difficulties, which will help you get ahead of any unforeseen roadblocks.
Best Practice #4 – Create a sense of ownership.
Engage your team to be part of the change and feel ownership for the new process. User configuration flexibility can help them fine tune the experience and make it more intuitive. It is extremely valuable to tap the ideas and recommendations of those who use the system every day to help build a better design.
Best Practice #5 – Celebrate early successes in your adoption process.
Celebrating even the little wins early on can ignite excitement across the team. Acknowledge high achievers so other can learn from their role model behavior. This is very helpful in raising the comfort level with technology across the team and encouraging team interaction to raise skill levels.
Change brought about by technology automation can be scary to some, but it brings the possibility of greater efficiency, accuracy and cost reduction. AI, machine learning and audit rules automation are already transforming data and doc processing by feeding exception focused audit workflows with purified data for those lenders successfully embracing technology.
The question is, “Is your organization ready to change?” With these best practices in mind, any organization can begin their technology journey with confidence.
*A portion of this blog was extracted from our latest white paper, For Mortgage Loans, Audit Mastery Takes Technology. Download a full copy here.
