Digitalization efforts in the mortgage tech industry are a result of customer demands for improved speed and usability. While it is apparent that lenders are looking to invest in digital solutions to create new market opportunities and power better outcomes for both businesses and customers, it is also important to ensure that these investments make sense to them. Technology such as robotic process automation (RPA) has enabled mortgage lenders to automate high-volume and repetitive tasks, which in turn allow them to focus on enhancing customer experience and growing the business. Automation also helps reduce operational risks and facilitates accuracy and consistency. Through a combination of automated object recognition, optical character recognition, and direct application integration, RPA improves efficiency in routine tasks. When coupled with RPA, AI, and machine learning assist mortgage lenders in going beyond mere automation of routine tasks. Machine learning holds a proven potential in speeding up the process and improving accuracy when it comes to validating borrowers' documents and identifying issues. Thus, mortgage lenders and borrowers alike will benefit from shorter cycle times, higher volumes, and greater accuracy. Additionally, lenders will bank heavily on AI to gauge the ability of a borrower to repay a mortgage loan. Progressive mortgage lenders have already begun to implement new technologies in an attempt to understand the borrower's needs better. However, there are several obstacles associated with the adoption of new technologies, such as integration complexity and high costs. This is where an experienced mortgage technology solution provider comes in handy. In this edition of Banking CIO Outlook, we feature a list of companies that offer innovative mortgage technology solutions along with opinions of thought leaders in the industry. Let us know your thoughts!Copyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.comJULY - 03 - 2019, Volume 05 - 05 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.comEditorial StaffSalesT:510.402.1464Nick Masonnick.mason@bankingciooutlook.comVisualizerJohn GothamIssac GeorgeManaging EditorJames RobertsonMore Automation for Better Customer RetentionJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJustin SmithJoseph MichaelEditorialKenneth ThomasRussell ThomasVishnu Keloth*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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