Life is full of contradictions. The mortgage industry is no exception.
On the one hand, mortgage loan origination and servicing providers want to cut costs. On the other, they need to improve experience.
Is it possible to do both?
As if reconciling the two isn’t challenge enough, soaring interest rates, record inflation, and plummeting mortgage origination volumes make matters harder. Butted from one side by larger competitors with deeper pockets, and on the other from lean and nimble Fintech providers, it’s no wonder mid-market lenders sometimes feel like the underdogs.
For many, reducing costs while bolstering experience can seem like an impossible challenge.
But, as Muhammed Ali once said, “Impossible is not a fact, it is an opinion.” And, in my opinion, the solution for mortgage providers lies in on-demand automation.
What is on-demand automation?
Enterprise-wide automation can transform the efficiency and effectiveness of an organization, but the requisite investment of money and time can be prohibitive.
On-demand automation is a pay-as-you-go model that gives you access to automation when and where you need it most. It moves you away from a CAPEX model—which requires substantial capital investment—to a more flexible, cost effective OPEX model. On-demand automation reduces wastage, and keeps your organization agile by enabling you to ramp automation up and down in line with changing business needs and market fluctuations.
On-demand automation cuts costs
Mortgage providers say that cutting costs is their number one priority. On-demand automation has a near immediate impact: It’s reduced total cost of ownership by 40% for one of our customers.
Automation excels at the necessary but repetitive tasks that drain employees’ energy and time. Bots do these jobs quickly, efficiently, and consistently, freeing up people to be their productive best. With on-demand automation on their team, our customer has seen a 50% gain in productivity.
Automation also powers the self-service opportunities that modern customers demand and deserve. It speeds up service and has decreased our customer’s cycle time by 35%.
Importantly, on-demand automation opens up the potential of artificial intelligence and machine learning for mortgage loan origination and servicing providers. It gives access to the data and insights you need to understand what’s working and what’s not, so you can flex your approach and make stronger, more informed decisions.
Strengthen experience with on-demand automation
Attracting and retaining the very best talent is a critical challenge for the mortgage industry. People want to work for companies that empower them with the real-time insights and tools they need to do their best work. On-demand automation keeps your teams one step ahead of their customers’ needs and supports them in delivering outstanding customer service.
Customers feel the difference: their questions get answered faster, and their issues are resolved sooner. This gives you an edge over your competitors, making it easier for you to grow business with existing customers and attract new ones. All good news for your bottom line.
How do I get started with on-demand automation?
An intelligent approach to on-demand automation starts with identifying those moments in your customer journey and internal operations where automation can make the biggest difference.
A trusted provider will help you prioritize those moments according to opportunity and cost, and tailor a flexible plan – we call it the ‘Zero Bot Licencing Framework’ – so you have the right tools on tap. You should expect full support at every stage of implementation, and real-time evaluation of how on-demand automation is helping you to cut costs and strengthen experience.
And, because another great contradiction is that the only constant is change, the right partner will work with you to ensure you have the on-demand automation you need to adapt, flex and maximize returns. They’ll also support you at every stage of your automation journey—from design, build, and deployment through to testing, licencing, and maintenance.
With on-demand automation in your corner, everything’s possible.
