In contrast, NYC Cab drivers know not to rely on Waze and instead rely on their extensive knowledge of Manhattan and traffic patterns. Their training trumps technology every time. This is why I prefer cabs over Uber in NYC.
When Technology Isn’t Enough
I beat this dead horse often, but I am going to do it again because this is such a great example. Companies and businesses that rely too heavily on technology often drop the ball.
This is especially true in the mortgage world where everyone touts their technology as a cure-all for all of the bottlenecks and frustrations in the mortgage approval process. Fintech lenders in particular have hired hordes of engineers to cultivate technology to replace loan officers and back office staff.
But, it doesn’t work.
Why Training Always Wins in Lending
Purchase transactions are too complex, and they invariably need highly trained and intelligent people to spot issues, coordinate parties, and fend off delays. This is why fintech lenders are not able to garner purchase business.
Every company in every industry is trying to cut costs by replacing highly trained people with technology. It works in some cases, but with anything involving complexity or surprises, extensive training is necessary.
At JVM, we love technology, but we will always bear the cost of extensive training and extra smart people because we know it is necessary to foster the best possible client experience.
