In a world where free two-day shipping is standard, the expectation for “one-click” solutions has become the norm in nearly every industry. These days, people and companies frequently expect a quick, easy, painless and cheap solution to their problem.
Why Technology Firms Should Hire Liberal Arts Majors As companies, individuals and jobseekers from different industries and walks of life virtually converge for Denver Startup Week, many may [incorrectly] assume a lack of tech-driven experience may limit their attractiveness to tech startups. But, sometimes the most unconventional pairings – such as a technology company and a liberal arts major – can make for stellar partnerships.So many times, people look at technology companies and assume only those with a background or major in computer science or engineering get hired. That line of thinking is both incorrect and potentially detrimental for both the company and the jobseeker. Not only do tech-focused companies need skilled people in non-tech roles – think sales, marketing, client services, human resources – but hiring individuals with varied backgrounds, perspectives and personalities fosters creativity, growth and ingenuity.Let’s look specifically at why tech companies should seek out
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.
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
I recently joined Promontory MortgagePath as a Data Engineer and – for the first time in my career – I’m working in the mortgage industry. I was attracted to the role because of the incredible data- and process-complexity. The almost infinite volumes of data provide both opportunities and challenges. How do we ensure the quality of data – its overall integrity (lineage, security, privacy), accuracy and completeness?. For me, full data transparency and availability are the keys to – and the foundation of – innovative technology solutions. In the mortgage space, the cost to originate a loan has increased dramatically in recent years – from about $3,000 before 2008 to over $9,000 today. Lenders are facing margins that have been stretched so thin their mortgage operations are no longer profitable. And, while it feels like everyone knows technology is the answer, it can be challenging in this climate to drive
Bankers enjoy a dizzying array of opportunities to leverage new partnerships to cut costs, boost profits, improve technology, enhance the customer experience – and sometimes – all of the above. That’s the good news. The not-so-good news is sifting through an increasingly complex landscape of new entrants and established vendors and vetting potential partners takes time, energy, expertise and money– often more than any one bank can easily manage. This is where a national trade association is uniquely positioned to add value. It can spread research costs across a diverse membership base while evaluating best-in-class providers offering a broad range of products and services. THE ABA ENDORSEMENT PROCESS The concept behind the American Bankers Association’s due diligence process is as simple as it is successful. Its process identifies proven, reliable vendors while saving banks time and money – and uncovering areas of information that could otherwise be difficult to obtain.
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
Even in the best of times, mortgages can be challenging for community lenders. Fannie Mae reduced its 2019 volume estimate, and the 2020 outlook isn’t much better. Average origination costs have hit a new high – $10,200 according to research by the Mortgage Bankers Association and Stratmor – squeezing margins even more. Factor in increased competition – and the added tech investment – from money-center banks and fintechs, and it’s safe to say we’re confronting some stiff headwinds. Recently, three mid-size banks examined their situations and concluded exiting the mortgage business was their best option . As one CEO summed it up: "We have been in the mortgage banking business for many years and have weathered unfavorable mortgage banking environments in the past. Unfortunately, the current poor operating environment is coupled with fundamental changes in the mortgage banking industry, such as more burdensome regulations, required investment in expensive technology, fierce competition,
The American Bankers Association’s endorsed solutions are backed by a comprehensive due-diligence process, analyzed by industry experts and field-tested by bankers. The report is designed as a robust industry analysis tool.