“Let’s go invent tomorrow rather than worrying about what happened yesterday” Steve Jobs the founder of Apple once said. This is how many organizations will be feeling when they eventually come out of the pandemic.
What will the world look like after COVID Era? There are numerous possible futures, all dependent on how governments and society respond to coronavirus and its economic outcome.
But for the Mortgage Industry, the crisis is an attempt to evolve and improve. The outbreak of the pandemic is turning out to be a great teacher for the mortgage market. Experts say the rise of “Intelligent Digital” is the new normal.
Intelligent digital has scalable layers and it applies relevant algorithms to the available data to evaluate and offer accurate digital experiences to the end-users. An example of it is Google Duplex which is an AI-powered tool capable of conducting natural conversations to carry out real-world tasks on the phone.
In today’s increasingly digital world, bank lenders know that the only way to succeed is by being the lowest-cost producer on mortgage loans while offering exceptional customer experience. As a result, many financial institutions are already implementing a digital mortgage strategy, starting with a digital front-end. While it is a smart move, it is still not enough to entice customers and raise margins.Banks need to consider the entire ecosystem and incorporate back-office digital capabilities with customer-facing functionalities to drive efficiency – And all that starts with intelligent digital.
Although these are invaluable reasons, many servicers continue to overlook the environmental benefits of going paperless. Research indicates that the paper cycle generates significant greenhouse gases. Thus, the reduction in the usage of paper helps in improving the ESG (Environmental, Social and Governance) index.
With rapid digitization and automation, lenders in the mortgage industry will become very demanding. They will need everything quickly and with a seamless experience. Quick time to offer, increased use of digital and social media will come into the picture. Customer preferences will evolve after the post-pandemic crisis.
Leaner operations and quick time to offer are ubiquitous to maintain an efficient mortgage operation. Intelligent Digitization upholds massive potential to save time on repeated, redundant, and mundane manual tasks clubbed with a system smart automated system for easy decision-based cases.
With automated machine learning-based document classification, most of the non-value-added tasks reduce significantly - such as physical transfer of files, piling up of files/cases thereby saving printing costs, loss or misplacement of the file and handwritten notes.
Improves collaboration amongst teams, enabling new ways of working.Each team can have a defined set of activities for each persona stage, avoid duplication of efforts across each stage, with clear-cut control and audit for user accountability - Data entry/validation with a streamlined process and task allocation, in a virtual setup. BCG Report says there will be “Rise of the AI-Powered Company in the Postcrisis World”. AI-enabled platforms will help companies better simulate live work environments.
What will the world look like after COVID Era? Experts say the rise of “Intelligent Digital” is the new normal. Add that to your vocabulary. Watch on-demand now https://t.co/wrFArhzQPh@FletcherSchool @TuftsUniversity @BasuArindom #intelligentdigital #digitalworld #newtrends #ai pic.twitter.com/84qMNwC8Zi— Digilytics AI (@digilytics_ai) July 17, 2020
While you are here, other top articles you might be interested in 1. Making Insights Actionable 2. Intelligent Data Capture 3. COVID -19 & the Mortgage Lenders