According to the Mortgage Bankers Association, the combination of increasing regulations and manual efforts to ensure compliance have resulted in U.S. mortgage origination costs that are three times higher than they were a decade ago. Robotic Process Automation (RPA), or the process of shifting repetitive and data-driven tasks from humans to software bots, has become increasingly popular in the mortgage lending industry for a variety of reasons, from market fragmentation to increasing regulation to evolving borrower expectations.
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Ellie Mae Innovation Awards 2020
The Ellie Mae Innovation Awards, previously known as the Ellie Mae Hall of Fame Awards, recognizes the best and brightest companies in the mortgage industry who are using Ellie Mae’s Encompass™ Digital Lending Platform and solutions to originate more loans, lower origination costs and reduce the time to close, all while ensuring the highest levels of compliance, quality and efficiency.
This year’s winner for the category of AI Innovation goes to our client Wyndham Capital Mortgage. Congratulations to the Wyndham team for this achievement!
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Six Elements of a Successful RPA Program
It’s no surprise that robotic process automation is currently experiencing unprecedented rates of adoption. With RPA, companies can achieve greater operational efficiency and quicker, more accurate throughput across their business, without making major changes to their underlying systems.
While RPA’s benefits are undeniable, many organizations remain unclear about the investment of time and resources required from the business. There is a common misconception that RPA is simply a business tool that starts generating immediate time and cost savings shortly after deployment. RPA software vendors have expertly marketed the simplicity of their platforms, making claims that you will be up and running (and producing ROI) in the span of a few weeks. Let’s be clear: RPA is a masterful orchestration of strategy, processes, resources, and technologies. It is a significant investment that requires a cohesive, long-term vision with proper planning and support for the life of the program.
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Calculating RPA’s Total Cost of Ownership
Making the initial case for RPA is easy—every modern business can see the value of shifting mundane, repetitive tasks from humans to robots. RPA, or Robotic Process Automation, offers the promise of reductions in labor costs and cycle time, greater operational efficiency, and elimination of human error. This all sounds great, right?
RPA software providers have carefully crafted messaging to promote all that is bright and shiny about RPA, but stop short at explaining how difficult and expensive it will be to build it yourself. And why wouldn’t they gloss over this? Would companies purchase their multi-thousand-dollar licenses to conduct proofs of concept if they knew that 30-50% of RPA initiatives fail? Or, worse, that less than one percent of RPA initiatives reach full maturity with multiple bot deployments across all lines of business? They’re in the business of selling software, not helping you make your processes work.
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With RPA, Your Only Limitation is Yourself
Twenty years ago when we pitched automation to clients, we would get crazy looks. At the time, macros were nothing new, but handing off an entire business process to a piece of software? Madness.
Ten years ago when we formed one of the first robotic process automation (RPA) companies in the world, we still faced an uphill battle. Industry leaders remained unwilling to place their trust, and their work, in the proverbial hands of robots.
Today, RPA happens to be one of the most buzz-worthy terms trending in business. In the same way that everyone was once going to the cloud or IoT, businesses are now going robotic.
So what’s changed?
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Investing in Tomorrow’s Tech Talent
It is undeniable that Alishah Novin, head of product engineering at HPA, has a passion for teaching technical and engineering concepts to curious young minds. Leash, as his HPA family calls him, is actively involved in Nashville’s thriving technology community and is always looking for ways to contribute his talents. One such contribution is his sponsorship of the Nashville Technology Council’s Traveling Tech Days, where students visit our office to learn more about careers and education in the field of technology.
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Getting Started with Robotic Process Automation
RPA, or Robotic Process Automation, utilizes robots to replicate the steps FTEs take to perform repetitive, rules-based tasks within business applications. Businesses select workflows to reassign to software robots who are programmed to complete a set of specific steps created by a subject matter expert. The robots use the same applications that employees would to complete the workflows, and they do so with increased timeliness and accuracy.
Using RPA robots to automate mundane, repetitive, and data-driven tasks can benefit a business by freeing employees to take on more creative and challenging work. Leaving repetitive tasks like mortgage application approval to software robots can dramatically reduce cycle time and improve the user experience.
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