Robots and the Future of Mortgage and Nonmortgage Loan Brokers
Overview
The integration of robotics and AI in the mortgage and nonmortgage loan broker industry is expected to redefine the traditional ways these processes are managed. This guide provides an overview of the impact of robotics on this financial sector, with a focus on automation, enhanced efficiency, and augmented customer service.
Automation in Loan Processes
The undeniable impact of robotics on automation of tasks has led to a rise in the use of robots in the mortgage and non-mortgage loan broker industry. As per McKinsey, automated processes can handle approximately 75-85% of loan origination tasks, thereby minimizing human intervention in repetitive tasks. A study by Accenture indicates that automation could save financial institutions approximately $1 trillion by 2025 by reshaping the nature of work in this sector. The primary advantage of robotic automation is its ability to streamline processes and alleviate the workload of the lending professionals, enabling them to focus more on strategic aspects.
Enhanced Efficiency
The incorporation of robotics systems can significantly enhance the efficiency, speed, and accuracy of loan processing. Robotic process automation (RPA) in the lending industry can reduce the loan closing time by up to 70%, as per a Fannie Mae report. Furthermore, a Deloitte study states that the use of robotics can result in an error drop rate of up to 60%. The rise in efficiency leads to higher productivity, reduces overheads, and proves beneficial for both the lenders and the borrowers by ensuring fast and accurate processing of loans.
Augmented Customer Service
The introduction of robotics in customer service can revolutionize how mortgage and non-mortgage loan brokers interact with their clients. A report from Juniper Research predicts that businesses will save over $8 billion annually by 2022 by using chatbots - a significant leap from $20 million in 2017. Robots, with their cognitive capabilities, can handle customer interactions proficiently and provide 24/7 customer support, leading to an elevated customer experience.
Key Takeaways
- Robotic process automation can handle approximately 75-85% of loan origination tasks.
- Automation could save financial institutions approximately $1 trillion by 2025.
- Use of robotics can reduce the loan closing time by up to 70% and result in an error drop rate of up to 60%.
- Businesses can save over $8 billion annually by 2022 by using chatbots for customer service.
3Laws Robotics
3Laws Robotics is pioneering in developing innovative software to maximize safety and reliability in robotic systems. 3Laws' software, 3Laws Supervisor, built on Control Barrier Functions (CBFs), offers robust safety features and evidence of system robustness. This can potentially simplify the certification process for robotics companies, traditionally a significant pain point.
Some of the applications of 3Laws' software include warehouse automation, where it has enabled a 40% efficiency gain for an autonomous forklift customer, human-robot interaction for uninterrupted operation in proximity to humans, and dynamic environments for reactive collision avoidance.
Moreover, 3Laws aims to enhance operational efficiency by minimizing downtime caused by unnecessary e-stops or collisions and equips units to operate near their peak capabilities while maintaining safety. 3Laws' software is adaptable, working with a multitude of platforms, including mobile robots, cars, drones, and manipulators – all supported by popular robotics middleware like ROS and ROS2.
Positioning itself as a next-generation safety solution, 3Laws offers a proactive approach to safety, unlocking the full potential of robotics with dynamic, predictive safety that can confirm to safety certifications like ISO 3691-4 and ISO 26262.