Weekly FinTech Tip: Digitizing Your Processes in a Way that Improves Speed, Quality, and Efficiency is a Necessary Step for Your Organization
You’re continuously implementing new systems. These systems have new processes, and these processes are often going to be digital. It’s important that everyone understands that these new processes don’t have to look like the old processes. Why? Because digital brings efficiency and new ways of doing things.
It’s natural for your organization to take the processes that they know already, take those steps, and convert them to digital at first. It’s normal behavior. Unfortunately, it doesn’t lead to a good outcome. Your digital processes will reflect your analog processes. In other words, people will take what they’re doing today, write those down as steps, and try to convert them to digital.
For instance, if there are seventy-one steps in your current mortgage process in order to fund and close a mortgage, it’s likely that someone will try to put seventy-one steps into the digital process. But, how many of these steps could be automated by digital processes? How many of these steps could be removed because they won’t be necessary due to efficiencies that are built into the digital process?
A digitized process should reduce the number of steps, it should improve speed, improve quality, and improve efficiency. Our human instincts are to avoid the unknown, so it’s going to be important that your managers and that your executive staff understand this. They need to drive the necessary change in your organization and help the employees who are trying to deal with these changes understand that these changes are necessary and they don’t need to be feared.
This has been a FinTech minute. If you are interested in learning more about how to combat digital gridlock, check out my book, Breaking Digital Gridlock, available on Amazon and anywhere books are sold.
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Premiered on May 16, 2019