Digital lending transactions are set to take off. As society advances beyond the disruptions of 2020, there’s an opportunity for digital-friendly financial transactions to accelerate. Shifting to more digital-friendly loan workflows improves any lender’s agility, letting you move faster than ever to attract new business. Across all types of lending—retail, small-medium business, and commercial—borrower expectations have shifted significantly to favor tools that simplify and expedite the lending process.
As lenders move loan activity to digital platforms, customers are realizing that the delays and headaches of manual paperwork are unnecessary. Digital loan processes can be completed in minutes instead of weeks and access to loan funds can be granted much more quickly. Modern banks are faced with the choice to either match that experience or lose customers.
Transcription:
00;00;10;09 - 00;00;41;11
Jamie Wiecks
Thanks, everybody, for joining us today. This is Jamie Wilkes, regional vice president with DocuSign. Excited to be joined by Joe Ehrhardt with Teslar Software, Ben Miller with SimpleNexus. I've been with DocuSign for 11 years and in that time I've seen DocuSign grow a tremendous amount. Most folks know us as an electronic signature company. More recently, we've added a tremendous amount of capability and partnerships to really expand that beyond e-signature into document preparation, along with managing documents after the signature.
00;00;41;11 - 00;00;50;13
Jamie Wiecks
So a lot of automation and a lot of more capability than what people know. So again, excited to be joined here with Joe and Ben, and I'll let you guys take it from here.
00;00;51;03 - 00;01;12;02
Joe Ehrhardt
My name is Joe Ehrhardt. I'm CEO and founder of Teslar Software. A lot of you may know us ICBA ThinkTech winner in 2019 when they kicked off that program we won Finovate for PPP forgiveness and a lot of you probably know us even though we do soup to nuts, kind of cradle to grave commercial lending. A lot of you probably know us for PPP.
00;01;12;11 - 00;01;29;04
Joe Ehrhardt
We helped process around 22% of the country's PPP loans in this last round in the start of this year. And where we are heavily focused in on commercial lending and how that looks as we kind of digitize more and more of that process. So I'll hand it over a bit.
00;01;29;28 - 00;02;04;29
Ben Miller
All right, thank you. Ben Miller, co-founder of SimpleNexus. We're the leader in the homeownership platform in helping the home ownership through their customer journey and getting it home and caring for that home. We work with lenders, banks, credit unions, independent mortgage banks to the tune of interacting with one in eight loans in 2020. And so we've been really proud to be able to work with DocuSign, as well, and embed that technology into this process to reduce friction and to make it more efficient to originate mortgages.
00;02;05;02 - 00;02;25;00
Jamie Wiecks
Well, thanks again, guys, for being here. And want to kick things off by talking a little bit about the lending landscape. What we're seeing today You know, when we look at some of the stats out there, of all the growth that's been projected in the market, frankly, a lot of these numbers can be thrown out the window with everything that's happened in the last 18 months.
00;02;26;02 - 00;02;45;06
Jamie Wiecks
So I'm really curious in that last 18 month period. What are you guys seeing shifting in the market? What's you know? What's the new norm looking like moving forward? Are there different, different technologies being outsourced, perhaps, or other trends that you're seeing? Joe, maybe if we'd start with you.
00;02;46;19 - 00;03;03;01
Joe Ehrhardt
Yeah. I mean, it's kind of a you know, everyone's talked about it and covered changed a lot in the lending landscape. And so one of the big trends right now that we're seeing in commercial lending is typically a lot of the digitization have occurred in the mortgage side. I mean, obviously, Ben, we'll talk more about what that looks like.
00;03;03;01 - 00;03;22;24
Joe Ehrhardt
And then there's a lot that's occurred on the consumer side, especially with automation and other items as [inaudible] rules have passed, a lot of things that have pushed digitization there. But commercial lending was always a lag. You know, that was something it was a relationship which is still is based process where you're going to meet with your lender and you're going to do everything you know, face to face.
00;03;22;24 - 00;03;50;16
Joe Ehrhardt
And COVID kind of change that overnight as it changed a lot of things. And so banks really have a push as we're looking at commercial lending to figure out how do you automate and not just automate, but how do you keep that personal relationship and digitized electronic signature being a big part of the things you do day to day, everything from signing a tax return to a financial statement to a loan extension, to booking a new loan, which are just about new loans, a lot of existing items and you know, [inaudible] push that as well.
00;03;51;03 - 00;04;14;21
Joe Ehrhardt
Those are all things we're seeing a ton of in the commercial landscape. So how do you keep that very nice kind of customer relationship, but then bring in good tools like, you know, like Teslar or DocuSign or whatever tools you prefer to use that can really go out there. And digital just ties that commercial process without losing face to face or to call that relationship And so at a high level from the commercial side of what we're seeing.
00;04;16;05 - 00;04;35;01
Jamie Wiecks
Absolutely. Yeah, that makes sense. You know, you hear so many banks advertise how they evaluate those face-to-face relationships and nobody wants to lose that. But there has to be a way to do it with a modern digital experience to to meet the customer where they want to be met. And then what are your thoughts on it?
00;04;35;01 - 00;04;55;26
Ben Miller
You know, it's interesting when you're cueing that up. That made me think one of the first things that came to mind is that change is the constant. And you talked about the last 18 months. And then I thought about, you know, okay, that was maybe 20 and 21 or what about 18 and 19? For the mortgage industry in particular, you had an increasing rate environment which was a big catalyst to change and you had to be nimble and react to that.
00;04;56;09 - 00;05;22;17
Ben Miller
And then that just turned on a dime, right? Coming into 2020 when rates dropped. And that's a tremendous catalyst for a refinance activity and purchase business. And all of that went through the roof and you had just tremendous volumes throughout 2020 and 2021. Now we're starting to see some pullback and there's projected change again. And so that's the constant means change And then how do you thrive in that change?
00;05;23;06 - 00;05;48;06
Ben Miller
We just saw a continuation of lenders striving to adopt digital processes to help them become more nimble and help them become more efficient. That's that's the name of the game and also the power and leverage of SaaS, where you have a long time, you know, large players that can build their own thing or invest $100 million into some project and projects.
00;05;48;06 - 00;06;17;01
Ben Miller
Right. And what you think about what about the smaller player, you know, maybe the community bank or credit union that has a total staff of 20 or 50 in the whole organization. Well, with SaaS offerings, they're able to leverage that, that firepower of having, you know, just a lot of resources, dollar resources and technological resources to create digital experiences to start to get on par or level the playing field.
00;06;17;16 - 00;06;41;03
Ben Miller
There's a lot more parity in the experience out there, you know, as more and more lending institutions adopt these digital technologies. And that's been an interesting thing to be part of. And to witness kind of the acceleration of, you know, adopting partners, vendor partners, technology partners to help bring forward that digital experience that we want to deliver.
00;06;41;03 - 00;07;03;09
Jamie Wiecks
I think that's a really good call out. You know, when the pandemic began, we saw a ton of of demand from individual banks, credit unions, lenders who were trying to do it themselves. And that really shifted over the last 18 months or the last year, whereas this year it's been a much more through integrated solutions, through vendors like yourselves.
00;07;03;15 - 00;07;26;27
Jamie Wiecks
Teslar, SimpleNexus, curious if you're seeing that shift also if you're if you're feeling that same type of momentum.
00;07;26;27 - 00;08;03;15
Ben Miller
Yeah. And let me just jump in, I’m sure Joe has comments as well. But what we're seeing is, yeah, you had the traditional build versus buy the economy always trying to figure out how should we build this and maintain it. Right. That’s the nightmare not only build it, but then you've got to maintain that thing. Before you might have been able to compete in that space. You know, several years ago, but what is what is emerging is the ability for a SaaS company that that is all they do is build technology. And the technology is just [inaudible] type thing in you know, growing and advancing so quickly, you just couldn't keep up and you had to decide, what are we going to be the best that we're going to be the best at being a lender, you know, originating loans, being a bank, or are we going to try to be the best at building technology
00;08;03;27 - 00;08;25;19
Ben Miller
Right. And you couldn't devote a lot of times, and especially when you don't have the resource. And so that's where you really saw people just let go of that I have to own it mentality. You have to build it all myself mentality. Let me partner with someone. Right. Let me partner with an expert, you know, and especially again, in a SaaS type environment where I'm not having to build something just custom for me.
00;08;25;29 - 00;08;53;13
Ben Miller
You know, let me let me to reduce the cost and leverage what is an industry best practice or best of breed type solution. And in turn, let me differentiate via the experiences I can provide in other means. You know, maybe my human connections as I still have human connections and interactions, I can do things there that can differentiate myself from another lender and whatnot or or some other some other way.
00;08;53;13 - 00;09;13;27
Ben Miller
Right. But in the back end, I may be leveraging the best of breed SaaS solution so I don't have to try to build and manage that all myself.
00;09;14;19 - 00;09;21;02
Jamie Wiecks
Yeah, that makes sense. It's it really allows those the smaller lenders and smaller banks and institutions to, to punch above their weight class comes down to it, compete with the big guys. Joe, I know you obviously work with the lenders of all shapes and sizes, and I'm guessing you're seeing similar stuff out there.
00;09;22;02 - 00;09;40;25
Joe Ehrhardt
Yeah, I think there's been a major shift, actually. It's kind of funny how ebbs and flows change overnight. What happens, you know, it wasn't too many years ago and most people probably are in the banking space that everything was about efficiencies, which it still is. Efficiency is not going away. Right. We always joke in banking.
00;09;40;25 - 00;09;57;03
Joe Ehrhardt
You either buy and make more money to save money by being efficient or to [inaudible]. It's one of those three reasons or the reason you're going to purchase software. But there was a big push there for a while for vendor consolidation over and over and over and hey, I only want one person to go after only one thing to do.
00;09;57;10 - 00;10;16;07
Joe Ehrhardt
And to the point we've kind of brought up here, what we've seen is banks realize like speed is what's critical. You know, if you if you sit there and you say, well, we got time to implement it, you don't have time. And so to Ben's point, you can make it yourself, but that's slow. Yeah, a lot of red tape in-house or you can go and partner with experts and you say, well, what does that have to do with vendor consolidation?
00;10;16;19 - 00;10;33;14
Joe Ehrhardt
Well, if you're trying to find the best of breed, vendor consolidation doesn't always line up with that. Sometimes you're going to need the best vendor at X, Y or Z. You know, we had the same thing when we were looking at, you know, we did a lot of PPP. People are like, well, what choices do I have for electronic signature?
00;10;33;14 - 00;10;49;27
Joe Ehrhardt
And we were like, Listen, we're going with the SBA [inaudible] the best for us. And that was DocuSign. so we just told our customers, you don't have a choice here. Because we need speed. And sometimes as a vendor or a partner, one of our jobs to help our banks say, we're the best at this.
00;10;50;03 - 00;11;03;10
Joe Ehrhardt
If you want to do this, then you need the best breed of that. And I think what you've seen is there's there's multiple layers, what we call open banking. But what you've seen, at least from the core providers and vendors today, is what I'd say is the first layer. And that's really just hey, do we all talk to each other?
00;11;03;10 - 00;11;20;13
Joe Ehrhardt
Do we realize our job is to help the, you know, the bank? And so one of the things I joke with with my banks all the time is that you need to focus on who are the great partners that are willing to talk to others that are going to act quickly. You know, having one vendor that can do everything is probably not in your bank's long term best interest.
00;11;20;19 - 00;11;34;17
Joe Ehrhardt
It looks really great if you have the CFO hat on. Not so great if you're trying to be the innovative company. And maybe some people will agree or disagree with that. But that's one of the one of our big talking points in the last year. You know, 18 months have changed dramatically. Is that thought to go from?
00;11;34;17 - 00;11;40;01
Joe Ehrhardt
Okay. Actually, I don't care so much about a single vendor now. I care about who's the best A, B or C?
00;11;40;05 - 00;12;07;06
Jamie Wiecks
Yeah, exactly. That best of breed really, really rings true. And it's fascinating. And you see there's so much growth out there in the market. We're seeing some of these numbers and knowing that the real numbers are even higher than than what some of these stats are showing. But, you know, I think a lot of bankers are realizing that their margins are getting squeezed at the same time, and they can't just operate the same way that they have over the last ten years, even though the growth is there.
00;12;07;18 - 00;12;32;23
Jamie Wiecks
If the margins are not, then it's it's going to cause that conflict so really, you know, curious, Ben, when you're looking at the problems that that you're solving today and what that looks like, you've talked about efficiency gains and borrower experience quite a bit in the last 12 to 18 months. How do you think that's changed? Well, in the world of mortgage lending, it's changed a lot.
00;12;33;21 - 00;13;03;24
Ben Miller
It's it's been interesting. You know, you would have all of these touchpoints along the way and in I need to do this [inaudible] and you know, it can stretch from, you know, 15, 20 days to 40, 50, 60 days to originate a loan. In and part of what has changed is how we leverage our relationships with you guys, with our design to create technology that requires fewer touchpoints.
00;13;04;16 - 00;13;35;12
Ben Miller
An example for us is, you know, you always had this concept of electronic signature to sign disclosures [inaudible] or things of that nature. The before picture looked like that would be initiated from their loan origination system. It would send an email out to a borrower. The borrower doesn't necessarily check their email just like us, right? We don't look at our email all the time and we may have missed it or we get too many emails and so you might have someone do a phone call and say, Hey, did you get your email?
00;13;35;12 - 00;14;05;01
Ben Miller
And you're touching it again? And then they have to help them log into that system. That was the before picture and it would take about two and a half days to execute an electronic signature on a document. Right? And we were able to build a mobile first experience and embed DocuSign right into the not only the signing experience, but the doc prep experience to be able to drop [inaudible] buttons or checkboxes or [inaudible], whatever it may be, all in an integrated, you know, single platform experience.
00;14;05;01 - 00;14;26;08
Ben Miller
And so now when a disclosure is initiated from the origination system, we're able to take that in seamlessly, pass it over to whoever needs a sign of the borrower in the loan officer, when it hits their phone, they get a push notification button, which has a much higher reading. See in people, interact with it, just tap it and they're able to sign on their phone.
00;14;26;19 - 00;14;46;18
Ben Miller
And then it comes back to our system and we log it into a lot origination system through appropriate disclosure tracking. We saw that condensed down to two and a half hours. And so it's just it's something that people could react to much more quickly. When they see a push notification. But also there's fewer steps. You didn't have to call them and say, did you get that push notification?
00;14;46;18 - 00;15;13;22
Ben Miller
Right, because people were getting it and they were reacting to it. You know, there's no more check your email or whatever. It was really interesting to see. Here's a case where you already had an electronic process in place. Where you're able to innovate upon it and condense it down tremendously into a better, more elegant electronic process. And so I think that's an interesting trend that sometimes lenders would sit back and say, well, we we've always had it mortgages, right?
00;15;13;25 - 00;15;38;28
Ben Miller
They've been around the closing experiences, been around for over a decade, but literally it was single digits of mortgages being executed before, you know, 2020. And then, you know, with the pandemic, that was a huge catalyst and saying we have to find a better way of doing this, more integrated way of doing these things. And so it's, it's exciting to be part of just improving upon what people already thought was the answer and making it more efficient.
00;15;40;05 - 00;16;03;26
Jamie Wiecks
It is. It's definitely exciting and thinking about the, you know, the demand has always been there to do these things electronically, digitally, but the experiences have not been there until just recently. We have this, this connectivity up and down the stack that makes it incredibly easy for the borrower. Now, Joe, I know you're also you know, really focused on the borrower experience and maybe in a little bit different way of working directly with its banks.
00;16;04;26 - 00;16;11;05
Jamie Wiecks
But curious, you know, what problems you're solving out there and I think it's going to continue to evolve.
00;16;12;11 - 00;16;33;15
Joe Ehrhardt
Yeah, I think I mean, there's a few things at first, you know, we joke all the time. We still have we still had customers until the pandemic that if you did an ACH with them, they'd want you to fax and approval. And we were a lot like, who has a fax machine? And so for a lot of our community banks, you know, you you know, if you still didn't have the fax machine, you really need to move on and really help the customer experience there.
00;16;33;21 - 00;16;52;07
Joe Ehrhardt
But it's kind of, you know, you know, kind of you'll hit that fire And so what's happened is in the commercial world is they still want that one on one relationship. But with banks are really having to struggle. Then if you use Teslar or whoever you use whatever partner you use, you've got to figure out how do you give constant communication.
00;16;52;07 - 00;17;08;23
Joe Ehrhardt
That's thing number one. People don't understand it, but PPP really highlighted it. One of the most stressful parts about getting commercial loan, if you're on the customer side is knowing like, where's it at what's happening? And it's not that you're not a great lender, but commercial loans are typically a little slower than you hope you could speed them up.
00;17;09;02 - 00;17;28;21
Joe Ehrhardt
But that simple ability to have it sound so silly but a status page, say customer it's in lending committee, it's approved. We're pending closing. Those silly things like that make a huge stress release difference. And number two, a lot of especially for the small business side, you know, these people are busy everyday running their business. They may not get to their bookkeeping.
00;17;28;21 - 00;17;48;26
Joe Ehrhardt
They're banking until two in the morning. And so we gave them online banking. But online banking doesn't book new loans. Online banking doesn't release covenants it doesn't update documents. It doesn't electronically sign them on loan extension. My rate change those things. So how can we as technologists and bankers empower the customer to sign? Let's say I needed to do a just loan extension.
00;17;48;26 - 00;18;12;06
Joe Ehrhardt
Hey, I wanted to extend it out for a few months. Here's why something occurs. Can I sign that electronically at night, at two in the morning when I get to it? And those are the solutions that Teslar and a lot of other fintechs, those that are solving with partners like DocuSign. And that's something that in the commercial space you've got to do because if you don't do it, what's going to happen is as you get more sophisticated borrowers from a technology standpoint, age is irrelevant of that.
00;18;12;06 - 00;18;29;00
Joe Ehrhardt
But more and more people won't use the technology. They'll leave the bank. It's no different than I know people that would leave the bank. They say, if I have to send that fax in to authorize my wire one more time, can you not do phone calls? Can you do that? We chuckle about it because it seems silly but that's the same revolutionary thing happening in commercial lending.
00;18;29;09 - 00;18;53;21
Joe Ehrhardt
I think the second thing that we're seeing that PPP pushed is that we're seeing a lot of banks look down at government lending, say, Hey, 7a express lending. I did that. The program worked pretty well. Businesses like it. There's a guarantee. And so we're also seeing a huge shift to say, how can I do 7a, 504, those other things electronically and then last and I know be a topic to be here, but the last thing that's coming down the pipe that's very fascinating.
00;18;54;01 - 00;19;14;08
Joe Ehrhardt
As if section 1071, which is already passed but if it is being implemented all the way overnight in commercial lending for banks, you know, customers under 5 million in revenue. We may have to collect an app before we do anything and a commercial and this never existed. You know, then we'll chuckle because, you know, residential it's always been there. But for commercial lending overnight we now going to have and you don't want to be doing that paperwork.
00;19;14;14 - 00;19;28;25
Joe Ehrhardt
So how can you electronically get that app sign but you move on, collect the data the government needs and get to serving your customers. So those are some big trends that we're seeing now and predicting the future that are going to kind of change the way we're doing commercial lending a lot in a very, very short time period.
00;19;30;04 - 00;19;58;18
Jamie Wiecks
Absolutely. Yeah. You know, the PPP is really it feels like it's open to a lot of lenders' eyes to the possibility of a digital experience. And another [inaudible] for Ben, obviously, with the great resignation and everything where people are moving to new homes, where that's created the the need for these more digital mortgage experiences as well. So really, everyone's been impacted and I feel like a lot of lenders are starting to see what else is possible down the road.
00;19;58;18 - 00;20;25;20
Jamie Wiecks
And it kind of moves into this best of breed conversation where, you know, a lot of folks are leaving the old model of, you know, once wrote [inaudible] going into more of a best of breed scenario to to take advantage of platforms that provide these experiences. You know, from a DocuSign perspective, we're we have so much come in with with RON you know remote online notary now being rolled out and now being expanded across the country, different states.
00;20;25;20 - 00;20;51;25
Jamie Wiecks
Legislation around that our [inaudible] products or taking off. It gives people more convenient ways to to verify identity and provide authentication on those transaction and so it's it's something where I'm curious if there's you know, if there's one thing I guess, Joe, maybe we start with you on one big takeaway that you think banks need to walk away with from from a session like this, but what would that be?
00;20;53;26 - 00;21;14;25
Joe Ehrhardt
Jamie I’ll give you two because there's one that's not a technology. And so I'll start with the technology one first. I think if you are a bank and you're looking out that, hey, I need a portal for new loans, you're looking wrong. Like you do need that. How are you taking care of your most important customer? And we always say in sales, the most important person, the most important sell is to an existing customer.
00;21;15;01 - 00;21;37;29
Joe Ehrhardt
Right? They're easier to get. They're loyal. So the problem is if you're like, oh, I am only going to worry about new customer, but all my technology for new customers, you will lose your existing customers who will then leave and they'll become the new customer somewhere else. And so we stress to our banks, you know, as we look at even like Teslar, what we're developing, we're really pushing for how do we make renewals easy covenants, how do we take care of the existing customers?
00;21;37;29 - 00;21;57;07
Joe Ehrhardt
How do we [inaudible] them with a digital solution that really is there's an augmentation of that lenders. We still have that nice relationship we're not getting rid of that or the great relationship, but we're giving tools to the borrower to do their banking at their time. And I would say that's takeaway number one, I don't care who you working with, figure out how you're doing that.
00;21;57;15 - 00;22;19;09
Joe Ehrhardt
The second one, though, is something I've already said before, but I want to recap it. Do not get lost in this vendor consolidation. It's a great term. It sounds great. It makes perfect sense to a CFO, but how many companies have you heard of? They've got a new CFO that had all this cost savings. And two years later, there are companies falling apart or because innovation is what actually drives business, what's drives the customer, not cost savings.
00;22;19;09 - 00;22;40;05
Joe Ehrhardt
You do want cost savings. We're all about efficiency and cost savings, but we do it with innovation. And not by cutting this vendor out or this vendor out or this, you know, cut this department down. And I would stress that would be my second takeaway. If it doesn't have anything to do with technology, per se, with Teslar does, but just a business process, don't get too focused on vendor consolidation.
00;22;41;02 - 00;23;02;17
Jamie Wiecks
Yeah. Yeah, that I really we see that. Absolutely. As you know, any organization who wants to grow has to innovate. You know, it's as simple as that. And as soon as they start focusing too much on cost cutting and trimming, they're going to be moving in the wrong direction. Ben, same question to you. You know, 1 big takeaway or maybe two, I guess Joe got two you should get two as well.
00;23;02;26 - 00;23;22;25
Jamie Wiecks
But it makes you think of a I think it's attributed to Warren Buffett. I'm probably going to totally mess up this quote. But, you know, it'll be interesting as the tide goes out to see who is swimming without a bathing suit on or whatever. Right. And this is the type of event that's happening right now in mortgage lending the past couple of years.
00;23;23;02 - 00;23;54;22
Ben Miller
The profit per loan at one point increased by 10X and and now is pulling back tremendously in, let's say, maybe it's even still like a 4X three or 4X. But coming back to that norm, maybe around $500 for a loan of profit. Right. As a lender. And what's what's happening is you scaled so much if you're a cyclical or you've been around for a while, you know, there's ebbs and flows and you have to scale up to manage all of this volume that's happened over the last two years.
00;23;55;07 - 00;24;20;04
Ben Miller
If you just struck out new and that's all you knew and you started your business in 20 or 21, you're like, wow, this is amazing. You know, we're great at this. We're making so much money. Maybe you don't have the experience of what it's like to originate a loan on $500 as opposed to $3000 or $5,000. Right? But that is happening right now, is that you're going to have to be able to perform back to a more normal time profit margin.
00;24;20;12 - 00;24;53;13
Ben Miller
What does that mean? You're going to have to manage all of these people that you've hired to do all this volume. You're going to have to rightsize those people. You're also going to have the leverage technology great technology to help you be more efficient and get greater efficiency out of the people that you have. No, we can't go back to you and you won't be able to go back to what it was even before the pandemic, because other lenders have adopted technology to be more efficient and to create better experience says, and that's where the deal flow is going to go.
00;24;54;00 - 00;25;17;10
Ben Miller
And so we we are there to partner with lenders, to hold their hands, to partner with them, and to say, we're going to do this together. Right? We'll help you through this, because the reality is hitting you like a bus right now when volumes fall off and margins fall out in this morning, depression era. So it's really seeking after the best of breed echoing what we've heard before, the best of breed.
00;25;17;10 - 00;25;37;05
Ben Miller
Don't settle for a solution like, oh, I'm just going to use this because my LLC provider gives it to me as part of the package. Right. Or whatever, you know, really seek out what is the best technology for that particular need that you have because free has a cost to it, right? Sometimes we're like, I'm going to use this because it's free.
00;25;37;14 - 00;26;02;07
Ben Miller
Well, then you're supplementing with man hours or additional touches to make that business process work. Right? And altogether, it may be more expensive than going out and finding that best of breed vendor. And so do the analysis, right? You know, look at really hard at your operations and best practices and processes in and, you know, try to find that best vendor.
00;26;02;07 - 00;26;23;02
Ben Miller
And there's plenty of opportunity to validate that by asking those referrals and references to what is your experience and and do you have a similar tech stack, a set up as is what I have all my other different services that need to work together. And now what is your experience with that and so it's it's really just, you know, it's an invitation, but it's a necessity also.
00;26;23;02 - 00;26;44;21
Ben Miller
I'm just know this is nothing new. You know, lenders are having to do this right now because the landscape is changing so rapidly.
00;26;45;13 - 00;27;05;14
Jamie Wiecks
Yeah. Yeah. 100%. It's it's something I like the analogy of the tide it's going out. And who doesn't have a swimsuit obviously you want to help keep all of our customers clothed. So that's our goal here now. Well, I do want to take a moment just to thank both Joe and Ben for spending the time here. Both of you guys have really tremendous insight into what's going on in two huge markets for all of our banking customers, the small business lending and on the mortgage side as well. So thank you again for being here with us. And with that, we'll move on to the next step here.
Obliterate paperwork to speed up lending in financial services
March 30, 2022 5:39 PM
27:23