Promontory MortgagePath’s Ken Janik and Paul Katz sit down with the ABA to discuss how community banks can leverage our solution to address mortgage challenges, reduce compliance risk and increase profitability.
BY PAUL C. KATZ Digital Transformation: The State of Play for Community Bankers Digital transformation was on the program – and on the minds of the attendees – at the American Bankers Association Conference for Community Bankers in San Diego this week. I moderated a panel featuring Bryan Luke, President and Chief Operating Officer of Hawaii National Bank, and two of my colleagues, Ken Janik and Colgate Selden. We spoke directly with conference attendees about the relationship community banks have with digital lending. Our panel – Digital Lending: Risks and Opportunities – explored the economic, technological and social forces driving digital transformation efforts. We examined different tech-implementation strategies bankers are considering and conducted real-time audience polls, providing timely insight into bankers’ thoughts on digital lending. Here are some of the highlights from Tuesday’s session. We set the stage by sharing some provocative predictions from leading industry consultants and
Borrower expectations are shifting. Fast, secure, and accessible digital services are no longer an advantage – they’re imperative to remaining competitive. With the rising popularity of non-traditional banks and lenders, banks are seeking innovative ways to meet changing expectations, compete with new challengers and remain profitable. Last week, banking professionals in the areas of information systems and security, compliance, risk and more gathered at the New York Bankers Association’s (NYBA) Technology, Compliance & Risk Management Forum to discuss industry trends, emerging technologies and best practices. I hosted a session at the Forum, where I spoke directly with attendees about the future of digital banking. The session – The Banking Technology Roadmap – explored best practices when partnering with fintech companies and previewed what’s on the fintech horizon. Here are some of the session takeaways: BEST PRACTICES WHEN PARTNERING WITH FINTECH COMPANIES PLAN Know the tech budget What percentage of your
Banks today are under significant pressure due to declining mortgage origination volume, historically high costs, increasing competition from FinTech entrants, and consumers demanding a more user-friendly, digital experience. New and emerging technologies are transforming the financial services industry, and banks are turning to tech to meet customer expectations, reduce cost, and drive growth. The right technology can enhance borrower experience, deliver perfected data, and provide a detailed audit trail for a compliant lending journey. But, adopt the wrong technology solution or implement it incorrectly, and banks risk automating repeatable defects, which can be costly and time consuming to correct. At last week’s American Bankers Association Regulatory Compliance Conference, Dan Smith, SVP of Government Relations at ComplianceEase, and Colgate Selden, Head of Regulation and Compliance at Promontory MortgagePath sat down with Michael Kolbrener to discuss what bankers should be thinking about to ensure they’re employing the right lending tech to remain