4 MBA Annual19 conversation starters
Are you ready for MBA Annual19? It’ll be here before you know it. And before you know it, you’ll be roaming the convention floor, meeting new people and networking with industry experts.
Do you know what to talk about?
If you’re looking for a few conversation starters, we have some ideas:
- Does innovation really exist?
I recently wrote about innovation and asked readers this intriguing question: “Does innovation really exist? The short answer is that it does – but experts disagree on the definition of what constitutes innovation. I adopt the definition prescribed by Idea to Value, an online community for creativity and innovation. They asked creators and ideators from multiple industries how they define innovation, then boiled all those answers down to this:
“The execution of an idea which addresses a specific challenge and achieves value for both the company and the customer.”
I see that in play at Hyland all the time. Take, for example, our new loan document tracking solution. The solution provides a complete view of prospect pipeline by tracking information as soon as the financial institution receives a lead. It captures information electronically from the very beginning of the process. But that’s not the innovation.
The real innovation is how it solves a specific challenge that lenders have dealt with for some time. The solution views the loan as an object in and of itself, understanding the documents that make the loan whole. The solution does the vital work of tracking a loan’s base set of documents through the life of the loan.
It’s “a completely different way of looking at the problem” according to Jon Hinsman, First National Bank of America records department manager.
It addresses a specific challenge that achieves value for the customer. And the customer’s customer, as loans are closed faster and serviced better.
- The growing need for superior customer experience
If you follow the blog, you know we talk a lot about customer experience these days, as are most industry experts. It is believed customer experience will soon be the driving factor differentiating companies from their competitors. Maybe more than price point and product offerings.
Consider mortgage servicing, where customer experience is becoming more and more important. In recent years, skyrocketing operational costs have been a major pain point for mortgage servicers. Now they have a more pressing issue: borrowers are basing their decisions not just on cost, but on positive borrower experience.
They’re not delighted by innovative solutions that deliver mobility, integration and automation. They expect them.
To satisfy today’s borrowers, servicers have to offer faster performance and speedier transaction times. Advanced technology solutions, like workflow automation and content services capabilities, can help get them there. A fully automated mortgage servicing process will not only cut overall servicing costs, but also boost borrower retention.
- The rise of intelligent automation
Artificial intelligence (AI) is all about teaching computers to think and analyze while performing tasks, like humans. AI often goes hand-in-hand with robotic process automation (RPA), the deployment of software robots to reduce significantly the time, resources and errors associated with tasks that require workers to “swivel” in their chairs.
RPA can be applied to many processes in financial institutions where employees do repetitive, relatively simple tasks that don’t require analysis to complete. In terms of AI, financial institutions seem to focus on:
- Chatbots for customer engagement to answer customer questions and make recommendations
- Analystbots to detect fraud and help manage risk by analyzing portfolios and transactions much faster and more accurately than humans
- Compliancebots to keep track of laws and regulations in real time, ensuring your institution is complying with regulations
With chatbot technology delivering $11 billion in annual cost savings for banking organizations by 2023, according to a Juniper Research report, it’s understandable why organizations are ready to dive in.
Our advice? Start here:
- Evaluate current processes for potential improvements at a base level — before automating any tasks.
- Digitize documentation and speed processes by implementing a content services solution that integrates with a core system and provides intelligent capture and electronic workflow.
- Research IA solutions, including RPA and AI, and where those solutions could quickly make the most impact.
- Ways to reduce regulatory stress
Today’s financial services organizations are subject to numerous regulatory compliance requirements for information security and privacy, dictating how and where information should be stored, accessed and shared.
Additionally, modern regulations like the General Data Protection Regulation (GDPR) impose strict requirements on prompt data breach notifications to the affected parties. Not knowing what confidential information exists and where can unnecessarily compound the crisis when a breach occurs or a device is lost, leading to unanticipated regulatory violations and extended reporting and remediation times.
While the risk to your information is all too real, smart information management and security does not have to be complicated. It starts with common-sense practices and tools:
- Know where confidential information lies: Look for a software solution that helps identify every place where confidential information resides and proactively monitors for keywords, phrases and even character patterns in the files and metadata across any number of sites, repositories, drives, archives, email systems (including attachments) and devices.
- Arm your professionals with technology: Give your security and compliance professionals a powerful and intuitive administrative interface, allowing them to set up new queries and alerts.
- Guard against an unexpected security risk — people: As most security professionals know, people are usually the weakest link an organization’s security program. Employees generally don’t intend to do harm — they just want to do their jobs well. Look for a solution that helps detect when sensitive information shows up in unauthorized places.
Any of these topics should get fellow attendees talking. If you want more insight, please stop by the Hyland booth, 818, and learn more.
- Time to weed the garden: How to keep the tech that works - 10/13/2020
- Innovation and evolution: The power of the Guidewire and Hyland team-up - 09/22/2020
- How data-nerdy are you? - 08/26/2020
