How will AI impact the mortgage industry workforce?
The shift to AI-powered technology that began in the last decade is rapidly gaining momentum. Mortgage industry leaders were already looking at machine learning (ML) and robotic process automation (RPA) as ways to gain efficiencies and create a competitive advantage when the COVID-19 pandemic reached the US. Now, with the move toward a remote workforce accelerating faster than ever, these technologies promise even more significant business continuity, consumer engagement, and employee productivity benefits.
According to a June 2020 report from McKinsey & Company, 69% of employees who worked from home during the first three months of the pandemic said they were as productive or more productive than when they were at the office. Considering most of these people were using older digital tools, it’s clear AI-powered technology is poised to improve worker productivity and efficiency even further.
AI will improve the quality of the workforce
Many of the AI solutions being developed and used today are task-driven. They automate and improve specific, routine tasks that employees would ordinarily complete manually. For example, an AI solution might automate a repetitive task, like moving data from one system to another. For many organizations, the hope is that automation will reduce the time employees spend answering emails, finding data, and conducting mundane yet necessary administrative tasks. It’s unlikely, however, that any single piece of AI-powered technology could replace a human worker.
That said, some tasks are just too complicated for simple digitization to automate. In the next decade, 65% of mortgage industry leaders believe that AI will allow employees to focus more of their time on revenue-generating activities, according to a Roostify study. Not only does this mean employees will have more flexibility and creative control in their work, but it also means that talent will create more value for mortgage businesses.
AI leaders will be well-positioned to operate in a post-COVID world
The sudden impact of COVID-19 forced mortgage lenders, like many other organizations, to reimagine their workforce. Many employees benefit from working from home, but it’s also caused some concern about regulatory compliance. In addition to boosting productivity, AI may play a role in keeping lenders compliant with state and federal laws.
Lenders with a strong AI strategy are in a position to weather the COVID-19 pandemic and come out on the other side stronger and better prepared for the post-pandemic world. By reducing or eliminating manual processes and minimizing in-person involvement, mortgage lenders can focus on dealing with challenges that arise in the ever-evolving housing market.
Roostify and Google partner in bringing AI to Digital Mortgage
All these exciting changes are already taking place in the digital lending industry. Roostify recently announced a strategic partnership with Google Cloud to apply Google Cloud artificial intelligence (AI) and machine learning (ML) capabilities to help lenders process mortgage applications faster and with fewer errors. Lenders currently relying on manual processes to verify loan files and documents can look forward to automated and real-time document capture, classification, data extraction and processing, and automated adjudication solutions, powered by sophisticated AI, creating a smarter, faster, and safer lending experience.
For more insights into how intelligent technologies will reshape the workforce of the future, download our latest report, “Digital Lending: Ten Key Takeaways on the Rise of AI in the Mortgage Industry.”