May 20188PAYIN MY OPINIONEfficiency. Safety. Speed. In 2018, we're in a constant cycle to optimize all facets of a transactional experience without undermining others. We can now buy and sell stocks, do our banking, and shop for just about everything imaginable from our smartphones. The need to keep the cycle of progression moving is relentless and no industry is an island. The strides of one drive the performance of others, in a dynamic known as "technology pressure". Technology pressure is when consumers adapt to a certain level of convenience and efficiency in one industry to the point that they'll no longer accept lack of progress from another. The perception is that the lagging industry is slow, disorganized and even incompetent. It's as if someone who is used to driving a Ferrari is loaned a beat-up 20-year-old economy car. The effect is experienced as doubly slow and more frustrating than it might have been just five years before.Two huge industries slow to moveWhen the shift to digital records and digital records transfers started becoming the norm, certain industries­particularly health care and finance­were slow to adapt. The reasons were a combination of the sheer size of the institutions, the security issues involved and probably, a reluctance to change. Revolutionizing the dynamics of these massive industries would not be easy or cheap.For the mortgage side of the finance industry, the shift has been started but it's just the beginning. Most agree, however, that the time has come when traditional means of transferring records is becoming untenable for the consumer. Most can't see the logic of having to dig Giving Consumers the Service Speed They Want without Compromising Security or ComplianceBy Nima Vahdat, SVP, Associate General Counsel, loanDepotNima Vahdat
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