From AI and analytics systems to cybersecurity and compliance tools, there’s a lot to appreciate in our current tech landscape.
Like many folks, I always think about what I am thankful for around this time of year. It’s a long list, ranging from my health and family to my coworkers and the many agents we serve across the country. One other thing I deeply appreciate is the many tech innovations that have made it easier for us to pursue our industry’s priorities while also staying safe online. In honor of the approaching holidays, I thought I would share some of my favorite tech tools and applications that are helping agencies complete their essential work.
Cybersecurity advances
If you are a regular reader of mine, then you know I wrote about cybersecurity during October’s annual Cybersecurity Awareness Month. The subject is so important to those in title, however, that it merits mention here as well. There are several recent advances that deserve attention. AI-powered security tools are making it simpler to detect tampered deeds, altered IDs and forged income or asset documents. Secure portals, multi-factor authentication and powerful wire verification methods are also lowering risk. None of this replaces rock-solid procedures and training, of course. But thanks to technology, title professionals can spend more time serving customers and a little less time worrying about bad actors targeting their transactions.
AI applications
Although AI undoubtedly complicates the IT and security landscapes on one hand, it is also giving agencies important tools to streamline operations and protect critical systems and data. Whether you want to automate routine tasks or flag and respond to security incidents in real time, AI is quickly becoming indispensable in our field. I’m super grateful for how these emerging technologies are lightening the heavy loads of many of my peers and empowering agencies to focus more on service and relationship building.
Compliance technology
Similarly helpful are the advances we are seeing in compliance and RegTech. I don’t have to tell you that our industry carries some complex reporting and compliance requirements. FinCEN Geographic Targeting Orders. BOI-related workflows. TRID disclosures. Privacy laws. Simply put, there is a lot to keep in mind when trying to operate a compliant and successful agency. Yet technology innovation is gradually cutting the time and effort involved in satisfying these obligations. There are tools available now for automatically collecting required data during intake and pre-closing, before generating and storing compliant reporting. With the right tech tools, it has also become easier to run OFAC/sanctions checks and flag issues in real time. All in all, these technologies are streamlining workflows and eliminating clunky manual processes that slow transactions and stymie profitability.
CRMs
In addition to improving agency efficiency and security, technology is also making it far simpler to promote your business and engage with customers. Customer relationship management software (CRMs) is one such example. CRMs provide greater visibility into where your business comes from and offer features geared toward nurturing long-term customer relationships. With a solid CRM in place, you can integrate it with your title production system, automatically log files and initiate status updates. These systems reduce missed opportunities, create organized customer pipelines and unify the work of different departments by providing a single source of truth.
RON and eClosings
Even before the pandemic, customer expectations across industries had been moving decidedly in a digital-first direction. Our industry has slowly adapted to meet this evolving trend, with states across the country gradually moving to allow for remote online notarizations and eClosings. Customers and agencies alike have benefited from this cultural and legislative shift. With RON technology, stakeholders can sign documents via secure audio-video sessions, complete with credential checks. Agencies gain better and more auditable notary logs as a result and reduce the risk of fraud with high quality identity verification technology.
Thanks to technology and title agents like you
Title insurance can be challenging field, which is why I’m thankful for the technology advances on this list. Because of these innovations, it has become far easier for agencies to pursue their business goals and do more with less. Of course, technology is only as useful when implemented. So, I must also extend my gratitude to all the agencies investing in their operations and creating better and more secure experiences. Through your efforts, our industry is far better off, as are the customers and communities who rely on us.
