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How Mortgage Businesses Can Foster a Culture Open to Automation

by | Jun 28, 2022

As technology advances, so does the potential for business process automation in the mortgage industry. Many mortgage companies are using automation technology to streamline processes and ultimately increase their profitability. The business case for a change initiative in this area is strong.

However, what does successful automation look like, and how does it come about?

As with any change to the status quo, some employees may be apprehensive about automation and the impact it could have on their job. They may see automation as a threat to their livelihood.

Effective change management in organizations can ensure that programs to implement organizational automation achieve success and give key stakeholders, including employees and customers, a deeper understanding of the benefits.

What is change management?

Change management is the process of planning, implementing, and monitoring changes to organizational structures, processes, policies, and systems. It helps ensure that changes are made in a controlled and safe manner,and in a way that best addresses the challenges that an organization faces.

Why is change management important?

Change management is important because it allows everyone in an organization to come together and make choices about this change. The process ensures that the changes are done thoughtfully, avoiding any missteps or issues that could arise if left to chance.

Change management also makes sure that every person involved in the process understands how it might impact their job responsibilities and day-to-day work. This can help ease fears and anxieties about implementing automation and what impact it will have on the workplace.

How can a mortgage company foster a culture open to automation?

There are many things a mortgage company can do to foster a culture open to automation:

Explain the value of automation.

Employees may have a hard time understanding how automation can help them or the company. To ease fears, companies should offer their employees information about why automation is being implemented in the first place.

This will give everyone in the organization a better sense of the big picture and how they’ll fit into it.

Essentially, automation also helps team members be more efficient and productive so they can spend their time on more valuable tasks that cannot be automated, such as:

  • Strategic planning and analysis
  • Product development
  • Creative problem-solving and learning new concepts
  • Enhancing customer service through personalized interactions
  • Learning new and advanced skills

Successful automation transformation helps improve employee satisfaction and empowers companies to implement best practices in terms of internal leadership development. 

Bust myths about automation.

In addition to explaining the benefits of automation, it’s important to shut down any myths that employees may have heard about automation. For example, some people may think that automation will take their job away, or will cause more problems than it will solve.

The World Economic Forum estimates that automation will create 97 million new jobs in the next five years compared to the 85 million jobs it will displace. Show your team the positives of automating repetitive tasks. Some of the benefits of automation are:

  • Free up your team’s time for relationship building and revenue generating activities
  • Increase productivity in cross‑functional teams
  • Build solutions to empower your loan officers and support staff

Implement a pilot automation project.

It’s a good idea to start with something small and simple so everyone can feel out the process and have success before moving on to bigger projects. This is a great way to build trust in automated processes and services.

Provide education and training on automation tools.

Many employees may not be familiar with the automation tools being implemented in their company. It’s important to provide high-quality training sessions on these tools so that everyone understands the guiding principles. 

Encourage open communication.

The best way to foster a culture open to automation is through open communication. This means being transparent with employees about organizational structures, the changes taking place, and what they can expect in the future.

It also means encouraging employees to speak up if they have any concerns or questions about implementing automation. 

Promote buy-in between loan officers, lenders, and front-line employees.

By promoting collaboration between loan officers, lenders, and front-line employees, companies can help each team understand how to work together towards a common goal.

This collaboration will also ensure that everyone is on the same page when it comes to automation. Managers can give valuable insight into their own experiences with automation tools, while front-line workers can provide valuable information about issues or roadblocks they’ve encountered.

The automation journey.

Companies should implement automation solutions because it empowers employees to be more efficient. The end result is a team of highly effective and efficient individuals who can work together to build better business operations.

Creating a more open culture and understanding of automation can help your business take advantage of the efficiencies these tools provide. When team members feel supported in using automated processes to improve their day-to-day work, they are more likely to be productive and happy in their roles.

When an organization embarks upon its “automation journey,” the company culture needs to be open to change for employees so they can adapt successfully. Teams need long-term buy-in from both management and staff members so that every individual feels comfortable with the new tools and processes.

Automation solutions.

Speed up your team’s workflow and success by taking a structured approach to digital transformation and automating repetitive tasks with Capacity.

Capacity is a support automation platform that helps your mortgage company close loans faster and with less risk of error.

Request a free trial demo today to see how we can put automation technologies such as artificial intelligence, machine learning, and automation tools at your disposal.