This year has brought plenty of disruption to mortgage servicing, from regulatory and economic uncertainties, to a long-term shift toward remote work environments. Meanwhile, the past decade has seen an explosion of digital solutions in mortgage origination, and servicing will inevitably follow suit.
In this context, it’s natural to consider digital transformation; as all our processes are upended, this is perhaps an ideal time to rethink the business, and the technologies that support that business.
But this is a decision to make with care. About 70% of digital transformations fail. The cause of these failures can often be traced back to not keeping the business goals at the forefront of the transformation process, or overlooking how technology impacts and interacts with the entire operational ecosystem.
It’s important to remember that digital transformation isn’t just about implementing new technology. It’s about strategically using technology to help you achieve your business goals. If your organization is looking for digital transformation, these tips will keep you on track for success.