The topic of intelligent automation (IA) continues to gain popularity in the real estate finance community as lenders identify additional opportunities to reduce costs and gain a competitive edge. It is no surprise given a field where accuracy and efficiency are critical requirements for all stakeholders, the rewards of automation extend to borrowers, investors, lenders, and all parties involved. Operational efficiency is key to serving customers cost-effectively, and automation can help overcome the shortcomings of siloed legacy systems, manual data entry, spreadsheet-based workarounds and disparate data sets. With so much potential in the world of intelligent automation, it can be difficult to know where to begin the journey that will benefit your firm the most.
Digital workers are a powerful tool in the intelligent automation arsenal. Far from the robots with little arms and metal faces that many people envision when they hear the term, digital workers are complex algorithmic software programs. These programs can learn to identify patterns, interpret information, and more over time. Digital workers elevate human talent by allowing team members to focus on higher value-add tasks and reducing errors, therefore increasing productivity.
As you start your automation journey and choose which tools will suit your needs best, there are five areas where you can achieve quick wins with digital workers.
- Monitoring shared mailboxes, initiating optimal workflows and increasing team visibility—Digital workers can parse incoming emails in shared inboxes and route them to the appropriate people.
- Updating loan installment due dates, interest and principal—Digital workers can take over the time-consuming, manual process of making monthly updates to borrowers’ obligations and outstanding balances.
- Verifying and processing tax parcel records—Digital workers can be trained to take on much of the burden of validating and processing the thousands of property tax parcel notices lenders receive each year.
- Managing property insurance renewals—Digital workers can be trained to handle most of the process of tracking down renewal confirmations for each borrower’s property insurance before policy expiration dates, which typically entails hundreds of letters or emails each month.
- Updating property-level operating statements and loan valuation data—While updating loan valuations annually will still require some upfront work on the part of an analyst, digital workers can take over the rest.
Lenders can realize these benefits and more with today’s advanced intelligent automation solutions. SS&C’s Precision LM provides a single system for managing loans across the complete lifecycle and enables organizations to streamline operations, increase efficiency and reduce risks with a single application. SS&C Blue Prism is the market leader in intelligent automation combined with proven financial services technology and expertise.
To learn more about how artificial intelligence like digital workers can help you realize greater efficiency in your real estate lending processes, download our "Opportunities for Intelligent Automation in Lending Operations - Five Key Areas for Recognizable ROI" whitepaper.
Written by Daniel Pallone
Vice President, Mortgage REIT & Loan Solutions