Lending Tech

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Digital Transformation: The State of Play for Community Bankers

2020-09-24T14:23:21+00:00February 22nd, 2019|

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

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Do you need to operate in the cloud?

2020-09-24T14:24:32+00:00January 22nd, 2019|

BY KIMBERLY GREENE Do you need to operate in the cloud? The phone rings. A quick look at the caller ID reveals that the Social Security Administration is calling. The conversation goes something like this: “Hello?” “Hello, I’m calling from the Social Security Administration. How can we help you today?” “I don’t know, you called me.” “Why don’t you just give me your social security number and we can take a look.” This, obviously, is where the conversation should end. These kinds of exchanges happen every day, where more and more people are subject to phishing scams, fraudulent requests for passwords or other identifying details, malware and ransomware. Businesses face the same threats, but the repercussions are on a much larger scale. Michael Kolbrener, chief technology officer at PromonTech, recently received a similar call. Although threats are real and common, he said that businesses have

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The Evolving Role of the Chief Compliance Officer in Selecting Tech and Tech Vendors

2020-09-24T14:22:39+00:00December 22nd, 2018|

By Colgate Selden The Evolving Role of the Chief Compliance Officer in Selecting Tech and Tech Vendors The digital mortgage promise is compelling: new technology and better workflow meeting consumer, lender, servicer, investor and regulator needs and requirements — all built for compliance and protecting participants from unnecessary risk. If executed properly, the transition from analog to digital drives value all along the mortgage continuum: improving customer experience and education, expanding capacity, reducing cost, minimizing fraud and shortening marketing-to-application approval cycle timing. Regulators have thrown support behind this evolution. Digitally-repeatable processes can help eliminate manual errors and provide auditable, transparent workflows, making compliance elements more transparent and easier to examine. But digital success is not guaranteed: Get it wrong, and you’ve built a platform capable of automating repeatable defects, compliance errors and disclosure violations that could be viewed as fraud, unfair, deceptive, or abusive. Compliance and

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Residential Lending is Evolving – Are You Keeping Up?

2020-12-15T15:04:56+00:00June 18th, 2018|

In the immediate mortgage-crisis aftermath, most consumers believed getting a mortgage was hard. And it was. But something changed. The past four years spawned multi-billion-dollar ad campaigns from mega lenders reassuring consumers that getting a mortgage is simple now - thanks to technology. (Spoiler alert: it’s not.) The perception may have changed, but mortgages aren’t “easy,” and the true transformation from an analog to a digital mortgage process is still in its infancy. When we ask clients what they’re looking for from their technology solutions, most, but not all, lead with, “We want to do things like we always have, only faster, cheaper and in a less-cumbersome way.” So why is this taking so long? Compliance, until relatively recently, was an all-consuming, moving target diverting attention and resources away from innovation. The boom-and-bust mentality of the mortgage business — “We’re too busy doing refis to upgrade our systems; refis have