In the midst of the current market cycle, lenders are being presented with a transformative opportunity: leveraging the downturn to embrace technology that amplifies their scalability while reducing operational costs. The allure of a lending enterprise that diminishes reliance on manual labor and cultivates a profitable operational model across market fluctuations is undeniably compelling. The idea of sidestepping the historic and archaic scramble to augment staff during future mortgage upswings while forging a dynamic, more adaptable cost structure is an enticing vision.
Yet, the journey towards technology integration comes with its price tag, leaving the average lender contemplating the feasibility of such investments amidst the current profitability challenges. Many remain cautious, meticulously navigating today’s market terrain while anticipating the impending resurgence in business. The quandary of investing in future technology during trying times and is this automation truly going to save the lender money still persists.
Amidst this landscape, a subset of lenders, often referred to as the vanguards, is unraveling this conundrum with a distinctive approach. These pioneers are ardently ushering in cutting-edge mortgage automation technology. While embracing AI-based solutions, Intelligent Automation and Digital Human Workforces, lenders swiftly yield cost savings and returns on investment that perpetuate further enhancements in automation. Notably, these solutions boast rapid implementation, seamlessly integrating into their existing mortgage tech stacks without imposing significant disruption. Moreover, this new wave of technology alleviates the arduous training and change management burdens associated with conventional mortgage tech initiatives.
Within the ranks of these trailblazing lenders, several shared characteristics define their approach. They harbor a crystal-clear vision of a markedly automated rendition of their present business model. Their unwavering commitment to success with new automation strategies is supported by a firm belief in the cost-cutting potential of automation, shaping their forecasts and staffing plans accordingly. They are masters at exhibiting astute discernment in navigating the fragmented and crowded mortgage technology landscape, adeptly incorporating solutions that align with their vision and yield immediate value.
At the heart of these pioneering lenders’ success lies the strategic employment of intelligent automation. This fusion of process automation, document recognition, linguistic proficiency, data validation and AI-powered learning capabilities is propelling them towards a more scalable and cost-effective future. Intelligent automation serves as the linchpin, generating cost savings that essentially self-finance their voyage towards a more agile business model—a solution to the paradox of integrating new technology in turbulent times.
Further, intelligent automation is unfurling a panorama of novel applications. Repetitive tasks performed manually are now ripe for seamless automation. The vanguard lenders are honing their ability to identify pivotal areas for automated intervention and assembling increasingly potent automation capabilities.
Vishwa Prasad, Founder & CEO of People Tech Group, recently underscored in an article, “The adoption of automation is rapidly increasing due to its versatile nature, growth, and innovation… Organizations leveraging automation can achieve substantial gains in productivity and efficiency, liberating valuable human resources to focus on intricate, strategic tasks.”
The vanguard lenders, through their adept use of automation, are transcending the paradox of technological investment in challenging times, reaping the rewards of intelligent automation in the current volatile market conditions. Automation heralds a new era of cost containment, positioning lenders embracing this paradigm during trying industry times to seize the forthcoming resurgence, thereby driving heightened profitability, and bolstering market presence.
Kathy Mantych is a Fintech pioneer in complex technology environments with a comprehensive background spanning 35 years. Her accomplishments and accolades include business and strategic development and effective leadership to drive revenue with an enterprise-wide, customer centric sales mentality. To be successful it takes hard work and committed focus on balancing all channels of the mortgage banking industry with experience and expertise. Kathy has had proven success year over year with multiple recognition moments and was most recently awarded 2023 Most Powerful Women in Fintech from Progress In Lending. She is currently Senior Director of Business Development at Fintech, Silverwork Solutions, LLC in Chicago promoting cutting edge technology in Robotic Process Automation with Bot technology and Automated Intelligence.