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If hindsight is 20/20, much of the mortgage industry is probably looking back at two thousand and twenty wishing they had even more automation in place to handle what we all just experienced. One would now expect this to result in a rapid deployment of digital labor across all areas of the mortgage life cycle as we finish out the year and head into the year ahead. And with that, like the deployment of human labor, particularly in an industry as complex as this one, digital also requires special care and feeding in the way it is introduced and integrated into the organization.
LoanLogics has been discussing digital labor in a number of different articles this year as well as in a white paper titled, Field Guide for the Care and Feeding of Digital Labor which can be downloaded here. Below we share some executive commentary from the aforementioned articles for lenders who are considering adding it to improve operational outcomes and prepare for any other surprises.
“The Why”- David Gitlin, director of technology
“The goal is to automate time-consuming, tedious, and rule-based work. Through this, digital labor enhances the productivity of intellectual labor, leaving staff free to focus on the cognitive and emotive analysis of work and communication internally, and with clients and vendors. Defining lending parameters to balance business risk with growth and profit goals is a great example of a higher value task, that digital labor supports the underlying tactics of.”
“The Who” – Craig Riddell, evp, chief business officer
“It requires an organization-wide commitment to adopting a digital workforce that enhances the entire organization. Lenders need to be transparent with their teams about why they are investing in technology and then be ready to train staff and change processes to optimize results once a digital workforce is deployed or expanded. All of this needs to be carefully mapped out and a process must be created for measuring the results. Oftentimes our primary competitor is change itself and not alternative products.”
“The How” – Jim Mackenzie, vice president of enterprise portfolio management and support
“It’s critical companies define new workflow and integration points before the deployment of a digital labor solution. Collaboration with a mortgage provider’s tech vendor will be critical at this juncture. They know the product capabilities better than you do, but you understand your own processes better than they do. Together you can raise each other’s knowledge level to make the most out of your technology investment, plan your roll-out strategy and reduce the user adoption curve. Pre-and post-implementation benchmarks should also be established so they can measure improvement as their new tech is rolled out to users.”
If you’re ready to discuss deploying digital labor with an experience mortgage technology partner in 2021 give us a shout at loanlogicsinfo@loanlogics.com.
