We dwell in an era where smart bots surround us in every field and level of consumer contact. A report by HubSpot has pointed out that “approximately 21% of customers believe that chatbots (bots on the website) are the best and easiest way to initiate a conversation with any business.”
In the mortgage business, Artificial Intelligence (AI), Machine Learning (ML) and Robotic Process Automation (RPA) are no longer futuristic concepts. They provide permanent benefits (pervasive means unwelcomed and is contrary to “are helping”) and are helping to eliminate a number of chokepoints and redundancies. In particular, progress has been notable in reducing cycle times, processing approvals and providing instant closings. The rise of bots has also allowed title agents to offload recurring processes and communication, , allowing staff time to focus on their core tasks.
However, it’s not easy to implement advanced technology. The required investment to procure and maintain your technology investment is directly impacted by the increases and contractions in your business. For example, in the title business, despite technology’s obvious advantages, title agents can find themselves struggling with ensuing implications like the increased need for cybersecurity with sensitive data and information.
Limitations of Bots
While bots provide multiple advantages in improving overall efficiency, they also have – limitations that can negatively impact your business. Technology can erode one of the core elements of the title business, human relationships. Bots cannot comprehend the human context of a transaction. They are process programmed which can lead to critical communication gaps with customers Another potential negative aspect of bots is that they cannot respond to customer reactions, an essential requirement for customer satisfaction and retention. Again, bots are only programmed to perform processes. Only Customer representatives can relate to the customer’s reactions and feelings allowing for the immediate and proper level of decision making, all critical to customer retention…
Cannot replace Title domain expertise
In the final analysis, while advanced technology like AI, ML and RPA have brought, and continue to bring a significant revolution to the title industry, they cannot provide title domain expertise and the related experience of the title expert. Title companies and their partners use advanced technology to improve and expedite multiple processing procedures, but understanding the intricacies and nuances of the title industry are still in the human domain.
Enhance Technology Benefits with Scalable Support
Cost savings is one of the critical reasons for technology investments; but many businesses fail to fully capitalize on that investment. Continuing to use antiquated staffing models limit and erode expense reduction objectives. The use of outsourced title partners will help achieve those goals. Outsourced, specialized title experts deliver superior execution across the title settlement lifecycle through well qualified and experienced title teams. Many title professionals prefer to outsource because these specialized title experts can deliver efficient, quality-driven title and settlement process faster, less costly and more accurate than they can. Using cutting edge technology, title partners make the entire title process more streamlined and simplified, which allows title agents to focus on offering a more personalized client experience.
Companies like PrivoCorp can help:
Companies PrivoCorp offer flexible title support services that help title agents easily manage high volumes, while ensuring compliance and reducing title production costs by over 30-40%.
With end-to-end title support services, experts at PrivoCorp can help your company order title search reports, tax reports, analyze the financial implications of the loan, arrange for the transfer of property rights and acquire mortgage policies if needed, all within a quick turnaround time and at an affordable cost.
The experienced team provides deep domain expertise within the title industry and helps title companies handle business challenges around managing cost, turn time, scalability, volume fluctuations & quality.