When lenders invest in an Innovation Recipe For Success the results can be astounding. Outlined below are examples of 3 lender-partners who embraced the recipe strategy and made the required investments in time, collaboration and funding to reap significant automation benefits in 4 – 12 weeks.
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Given more than 60% of software delivery projects either fail or fall short, it is prudent to design and follow a delivery blueprint to increase probability of success. Once business analysts and software developers document clear detailed functional/technical specifications, the last mile burden for success falls to Agile Development teams to consistently produce user friendly software
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The Digital Solutions Communication Conundrum – For mortgage lenders, the road between defining needed system enhancements and delivering them, is paved with potholes, speedbumps and land mines. Simply put, operational teams don’t speak the same language as the technology groups supporting them. Too many times grand “transformation” plans fall woefully short with unusable software, missed deadline, bloated budgets and ultimately deflated team morale. Advanced technologies are not “Intelligent” out of the box. To deliver innovation at scale, it takes the right combination of savvy mortgage process experts working side by side with non-practitioner technologists, translating functional requirements into actionable technical specs that can be understood by development teams eager to implement cool digital tools.
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Mortgage Industry Trends – For the last 2 years, the mortgage origination landscape has resembled a tea kettle on constant boil whistling at a relentless decibel level. Marked by explosive borrower demand due to historically low interest rates, lender consolidation with smaller branch originators acquired, and Covid based virtual lending becoming the norm, today’s lenders must navigate through a “Perfect Storm” of challenges that require a renewed commitment to investments in modern digital lending capabilities.
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