JPMorgan expands blockchain network payments to 75 international banks

JPMorgan expands blockchain network payments to 75 international banks
JPMorgan has expanded blockchain-based payments to more than 75 international financial institutions in an effort to ease processing times for non-traditional payments. According to reporting by Financial Times (paywall), more than 75 banks, including Société Générale and Santander, are now testing the Interbank Information Network, or IIN.
Source: https://www.housingwire.com/rss

Let’s Talk Robots – How Will the Forces of Creative Destruction Impact the Title Industry?

Let’s Talk Robots – How Will the Forces of Creative Destruction Impact the Title Industry?
By Mark Fleming and Paul Stine
We’ve all heard that artificial intelligence (AI), robots and automation will soon replace our jobs and many people feel real angst because of the perceived threat to their livelihoods. Yet, automation angst is not new. 
The term luddite, one who is resistant to technological change, exists because Ned Ludd led an uprising of handloom weavers in 1779 to protest the adoption of mechanical, steam-powered looms. Ned and handloom weavers were not alone in the industrial revolution. After World War II, automation angst appeared again with the mechanization of agriculture in the U.S. Today, the angst is based on the belief that the information revolution and advances in AI will make robots smart enough to take over many of the jobs humans perform today.
With each “revolution” jobs that humans performed are replaced by machines, but new jobs are created. Think of all the people building mechanical looms, farm tractors or apps for your smartphone. This process of creative destruction is one of the primary reasons economic productivity, the amount of work output one can produce per hour, is almost 4.5 times greater that it was 70 years ago. AI should not be feared as it represents the opportunity to innovate in ways we have not thought possible before and make us more productive and better enabled to do our jobs.

More importantly, AI is already here. Over 80 percent of people have used AI in some form in the last year. And 50 percent of people interacted with AI in the last year without even realizing it.
Let that sink in for a minute.
Consider the following examples of AI we utilize on a daily basis without even knowing it:

Email Spam Filters
Predictive Search Terms
SIRI
Online Virtual Assistants
Facebook Recommended News
Online Shopping Recommendations
Home Virtual Assistants (Amazon Echo, Google Home, Apple HomePod)
Reverse Image Searches

Not that scary, huh? In fact, most AI is extremely helpful and makes our lives better. In fact, Google’s AI will soon be calling restaurants and theaters to secure reservations and movie tickets for you. These examples just start to scratch the surface of the benefits AI can provide.
As it relates to customer service, AI is changing the landscape. 81 percent of consumers now say that businesses are meeting or exceeding customer service expectations, but the way that service is being provided is changing. Today, more than 6 out of 10 U.S. consumers say their preferred channel for simple inquiries is a digital self-service tool.
That’s a LOT of people. And in the title industry, we’re focused on the needs of the consumer, as well as the Realtor and mortgage professionals involved in a transaction. And each of these customers is demanding digital tools.
With all that in mind, here are three digital self-service tools to consider when shifting your customer service strategy to keep up with customer demand:

Chatbots

Chatbots are defined as, “a computer program designed to simulate conversation with human users, especially over the internet.” Or in other words, virtual assistants/companions that communicate with us through text messages, websites, applications or messengers. Believe it or not, 80 percent of businesses want to deploy a chatbot by 2020 and 85 percent of consumers prefer to interact with a bot.
The good news is that implementing a simple chatbot is pretty easy. Most of the high-rated providers claim a 15-60-minute implementation time. So, even if you multiply that implementation time by five (because we all know tech typically takes just a little longer than you think), it’s still very reasonable in terms of the return it could provide.

AI Virtual Email Assistants

Have any idea how much time you and/or your employees spend in email every day? Perhaps we’d prefer not to know. Yikes! AI virtual assistants can help you automatically read, route and respond to emails. In title, we’re opening and closing orders all month long. While there are always complex problems to solve, there are opportunities to enhance efficiency that could free you and your team up to be more strategic and drive your business forward.

The Smart Speaker

With Google Home and Apple’s HomePod entering the market, the smart speaker went from a gimmicky Amazon concept to a full-blown product category. Ok, so perhaps Amazon would argue that it had already done that, but analysts predict it will be a $12 billion market by 2023. It might sound like a stretch, but the smart speaker is the next frontier for customer service. Giving customers on-demand information through Alexa, Google Home or HomePod raises the bar in terms of meeting customers where they currently are, and more importantly, where they will be. Like chatbots, building an Alexa “skill” isn’t terribly difficult, and you could be up and running more quickly than you think.
Creative destruction can mean a lot of things and can take on many shapes and sizes. AI is driving creative destruction in customer service and offering new opportunities to change how we’re approaching it. Remember that more than six out of 10 U.S. consumers prefer a digital self-driven customer service tool. The good news is that AI-driven customer service is more attainable than ever. We can and must adopt new technologies to drive our businesses forward.
Mark Fleming, chief economist for First American Financial, and Paul Stine, co-founder of CloseSimple, will discuss this topic during the session “Let’s Talk Robots” at ALTA ONE. Make sure to stop by for more ideas on how you can start bringing AI into your customer service offering. Click here to register for ALTA ONE.
Source: blog.alta.org

Stewart completes eClosing in Minnesota

Stewart completes eClosing in Minnesota
Stewart recently completed its first real estate eClosing in Minnesota, the company announced. Read on to learn what executives from both Stewart and Fairway had to say about working with each other.
Source: thetitlereport.com

TitleSmart expands commercial closing department

TitleSmart expands commercial closing department
Minnesota-based TitleSmart, Inc. has expanded its Commercial Real Estate Closing Department and announced who will lead its commercial division. The executive selected to lead the company’s commercial operations has worked in the land title insurance industry since 1984. Read on for learn more.
Source: thetitlereport.com

BC Law selects Pavaso for eClosings

BC Law selects Pavaso for eClosings
Florida-based BC Law has selected Pavaso’s platform to conduct digital closings for its lender and agent clients, the company announced. Read on for more details about the partnership.
Source: thetitlereport.com

Homeowners migrating away from expensive cities

Homeowners migrating away from expensive cities
People in San Francisco, New York and Los Angeles searched most often for homes in Phoenix, Las Vegas and Miami during the second quarter of 2018. Read on for more information from Redfin’s latest Migration Report.
Source: thetitlereport.com

Waters and 18 legislators demand Federal Reserve continue to regulate megabanks

Waters and 18 legislators demand Federal Reserve continue to regulate megabanks
This week, members of Congress demanded the Federal Reserve maintain strong capital requirements for Global Systemically Important Banks. Ranking Member of the House Committee on Financial Services Maxine Waters, D-Calif., and Ranking Member of the House Committee on Financial Services Subcommittee on Terrorism and Illicit Finance Ed Perlmutter, D-Colo., led the charge.
Source: https://www.housingwire.com/rss

CFPB opening southeast regional office in Atlanta

CFPB opening southeast regional office in Atlanta
The Consumer Financial Protection Bureau, which already has regional offices in New York, Chicago, and San Francisco, is planning to open up a southeast regional office in Atlanta. The bureau is not actually establishing a new regional office in Atlanta. Rather, it’s relocating one.
Source: https://www.housingwire.com/rss

Australia's reverse mortgage program takes a hit

Australia's reverse mortgage program takes a hit
In the U.S., the reverse mortgage industry is currently weathering a rather rough patch, but perhaps this is nothing compared with its Australian counterpart. A report released last month by the Australian Securities and Investments Commission raised serious concerns about the health of the nation’s reverse mortgage program, claiming that lenders were failing to properly educate consumers about the risks of the loan.
Source: https://www.housingwire.com/rss