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The pandemic is definitely driving home the importance of automation and virtualization of business process. Those with less automation or automation that is not Software-as-a-Service (SaaS) based have been left exposed. Lenders that are still on legacy systems, using manual procedures and paper-based documentation, have probably already realized they are at a deficit now.
Hopefully going forward, that will motivate them to consider cloud applications that are accessible from anywhere, require very little setup and configuration and already incorporate the latest techniques in software development and AI capabilities.
The Tools to Keep You Running
AI and machine learning tools have the added benefit of raising the value and the level of sophistication of automation. Over time, these tools minimize manual interactions and improve with use, which increases the value of your investment. They allow lenders to continuously “sharpen the saw,” so to speak as the technology continues to refine its capabilities to tackle more of the work using automation alone. More automation also means less chance for error. This is particularly valuable with remote workers who are pulled into caring for small children or distracted by a spouse’s Zoom call while performing new laborious tasks to keep mortgage operations running.
Another advantage of introducing more sophisticated automation is that it gives workers more time to focus on complex issues, call customers or strategize with co-workers. It means lenders can manage volume more effectively and profitably. With manual practices eliminated, lenders will be in a much better position to handle volume and scale their business as they emerge from the crisis.
In addition, when workers are isolated in their homes it is extremely important to provide them the tools to be as productive as possible. Having secure access to tools that automate workflow enable fewer workers to accomplish more, which is particularly valuable for lenders dealing with high volumes of refi requests. It also enables a lender’s doc processing to continue running, regardless of external factors requiring work from home, as long as credentialed users have secure connections.
The Training and Adoption
During a time of many challenges,
adopting technology that is easily implemented, easy to use and requires no
additional IT management and minimal disruption has nothing but upsides. Especially now with travel being restricted,
there’s a very compelling reason for lenders to take the time to evaluate, implement,
and train their staff on new technologies that can automate workflow.
When considering technology, it’s always great to be able to try a product and experience what it can offer before you make the commitment to buy it. If you are doing so when working remotely, tools such as video conferencing can help provide the needed body language that any trainer needs to engage students in adopting new technology and learning how to use it. It also enables more training to be done at less cost, which is a win-win. Combine video training with ease of use and “try before you buy,” and you’ve hit the trifecta when it comes to adoption.
There will absolutely be winners and losers from this experience. The good news is, it’s not too late for lenders to change, to automate first.
Check back soon for part two of this discussion on ways to fight operational weaknesses exposed during the pandemic soon.
To learn more about the solutions LoanLogics offers across the mortgage life cycle, visit www.loanlogics.com or request a product introduction.
Download this LoanLogics infographic to learn the benefits of cloud-native SaaS mortgage applications.
