Reimagine the the mortgage workflow process with Y Media Labs and Box Platform
Location: Redwood City, CA
Industry: Mortgage Lending
Use Case: Document management and workflow
Earlier this year, we explored the future of healthcare with an Alexa Skill to help patients with tracking medications and compliance to a medication regime for patients in the home. This was the first in a series of visionary demo applications for regulated industries with our innovations partner, Y Media Labs. A Silicon Valley-based creative technology company, Y Media Labs partners with leading brands to create digital products that drive lasting impact and help clients reimagine their customer experiences.
We’re excited to continue the series with Y Media Labs, introducing a new concept that has the potential to transform the home mortgage process.
Y Media Labs has designed a cross-device mortgage lending workflow application that allows lenders and borrowers to easily share, access, and manage documents related to loan cases. The solution would allow borrowers to easily upload financial documents when applying for a loan and allow lenders to track progress and interact with borrowers through a modern and intuitive interface.
As most in the lending industry would agree, the mortgage workflow process is ripe for improvement. The experience is disjointed and obscure for consumers and industry professionals alike.
Lenders frequently find themselves using a combination of multiple, one-off systems that offer sub-optimal experiences. This piecemeal approach also requires separate licensing, document processing and management systems, due diligence review services, a loan seller portal and the list goes on. As a result, maintenance costs are hard to control, not to mention the expense associated with the use of multiple systems and management of multiple vendors.
Equally important to address is customer data security, compliance and risk management. A recent investigation by Verizon listed financial services as one of the top three industries severely affected by cyberattacks with 1368 incidents of security compromise and 795 instances of confirmed data breach.
The solution proposed by Y Media Labs in partnership with Box aims to provides a single, consistent and repeatable workflow process backed a secure way to share information.
Y Media Lab’s proof of concept focuses on two key aspects under-addressed in the industry today: streamlining the workflow and offering best-in-class risk management.
Lenders and borrowers would be able to access the mortgage platform from any device for convenient access and collaboration on the go. By deploying the latest in block-chain technology, lenders can securely validate user uploaded information quickly and securely. Through AI and machine learning, the platform would be able to automate low-value tasks and intelligently surface information requiring loan officer’s attention -thereby reducing the overall cognitive load and boosting employee productivity.
The PCI-compliant prototype leverages the strengths of Box Platform to offer best in class risk management to lenders through its seven levels of access permissions, a comprehensive audit trail, data encryption in transit and rest, compliance with SOC, ISO, DSS and more. Box’s content preview and deep search capability has enabled us to create rich user experiences, expanding the possibility of solving critical pain points for consumers and lenders alike.