Tavant

Artificial Intelligence and Machine Learning Solutions and Services

The AI wave has taken every industry by storm. Enterprises are taking a serious interest in determining how the adoption of artificial intelligence (AI) and machine learning (ML) can help them accelerate automation and transform business processes.

Core testing services are important for enterprises to deliver business outcomes successfully. Lack of core testing can result in higher costs, loss in revenues, and wastage of time and resources.

The Ultimate Underwriting Tool. Make Better Decisions Faster.

We are in the age of exponential growth. Data, process, and systems are snowballing while constantly raising the standard of customer expectations and experiences. And, to keep up with the current speed of the market, organizations can no longer compromise with legacy processes and infrastructures. They must adapt and drive innovation to continue to build new products, services, and connected customer experiences. To meet these new challenges, IT teams need a unified solution that connects applications, data, and devices seamlessly.

Integration solutions by Mulesoft and Tavant allow enterprises to efficiently design, build, and manage their APIs, applications, and products. Tavant has a robust MuleSoft COE with core practice areas in Manufacturing, Media, AgTech, and Financial Services.

Tavant’s domain experience, coupled with MuleSoft’s Anypoint Platform, helps organizations realize business transformation through API-led connectivity. Tavant provides flexible solutions that can simplify your overall architecture by removing point-to-point integrations and application silos to obtain business agility and reduce costs.

Though the COVID-19 outbreak has affected all sectors of the economy, it has particularly exposed glaring needs within the mortgage industry. These changes will undoubtedly rewrite many of the industry’s “traditional” practices moving forward into the rest of 2021 and establish a “neo-normal” standard going into 2022.

Among the battery of revelations, digital transformation and customer experience have become industry-wide focal points caused by the pandemic.  

According to a recent Forbes Report: Nearly 90% of lending executives stated that the pandemic is proving a powerful catalyst for digitizing their firm’s mortgage processes, and 85% described their efforts for mortgage process digitization before COVID-19 as aggressive.

As a former Loan Officer, I was forced to use dozens of workarounds due to inherent flaws within the systems that I – and the majority of LO’s in the industry – were forced to use. Developments in recent years have addressed those limitations to a certain extent, but at a fundamental level – things need to change.

Looking back at the early 2000s and then fast-forwarding to today, it's amazing to witness all the functionality that helps automate the mortgage lending process. Back in 2003, the average loan closing time was somewhere between 30-45 days. Although technology has changed much of the world since 2000, it is astonishing that the most important metric has stayed roughly the same.  

Today, it takes just 2 hours to walk in and out of a Maserati dealership with a $150,000 car financed and ready to go. Why does it still take 30-45 days to finance a $150,000 mortgage?  

Let’s rephrase that question – why has the "time-to-close" mortgage stayed the same after all this time?

In an era where customer expectations have never been higher for next-gen digital solutions, the mortgage loan process remains highly dependent on disparate systems. The size and complexity of mortgage applications make it nearly impossible to eliminate manual work. The need for process automation is great, not just to provide more satisfying mortgage experiences, but also to significantly increase productivity, reduce operational costs and minimize the impact of human error. It’s a win-win for both mortgage providers and borrowers.

Lenders can automate the mortgage origination process and upgrade their “traditional” methods of processing with “neo-normal” digital solutions. A sophisticated process solution will allow lenders to simplify the application cycle. Furthermore, enabling real-time integrations of all associated parties by using loan origination systems (LOS) to exchange data between applications can significantly bring down the loan-processing time from weeks to days.

Put simply, an efficient automation process can lead to shorter loan processing and overall better customer experiences. Sometimes, in order to make forward progress, you must be willing to let go of what's holding you back. Indeed, automation has vast potential in the mortgage industry, just waiting to be tapped.

Adapt, Survive and Thrive  

What should mortgage companies focus on in this new technology-enabled environment? What are the benefits that really matter? What technological capabilities should they pursue?  

Disruptive technology closes the gap and helps lenders create positive customer experiences, for both borrowers and loan officers. Tavant is able to turbo-charge this process, creating unforgettably satisfying customer experiences.  

Unleashing the Power of Automation

Today, organizations face a perfect storm – technology changes, the fragility of customer’s loyalty, and the intense pressure from all across to keep the cost low. Businesses are forced to explore newer technologies, constantly evolve, and cut down the time from conception to deployment to meet these challenges.

Furthermore, the COVID-19 pandemic has accelerated the organizations’ need to be hyper-productive. Organizations realize that they have to transform to build the capabilities that will prepare them for the future. They are thinking of ways to drive efficiency and effectiveness to a level not seen before. Moreover, there is a strong push for automation to play a pivotal role in making that happen. It is also clearly reflected in the testing domain, where any opportunity for improvement will be welcome. Organizations want to adopt RPA in testing, realizing the need to drive efficiencies and reduce manual efforts.

We are at a tipping point where RPA adoption benefits are clear; what is needed is to add further efficiencies to existing frameworks. Pandemic has ramped up innovation and scale automation.

Business and technology leaders will demand clear, direct benefits from investments in a digital workforce in the post-pandemic world. Automation will be taking on an even more critical role in a post-pandemic world as business resilience and cost takeout become the main destinations on the technology roadmap.

A surge in RPA’s value

According to Gartner, Robotic Process Automation Software Revenue worldwide will reach nearly $2 Billion in 2021. Despite Economic Pressures from COVID-19, RPA market forecast to grow at double-digit rates by 2024.

In the last decade, automation has evolved and matured with time and changing technologies. Automation in testing is not new, but its effectiveness has been a challenge – especially the associated expense and lack of skill sets.

Within an enterprise, RPA can cut through the maze of toolsets, replacing them with a single tool that can talk to heterogeneous technology environments. From writing stubs to record and playback to script less and modular testing, and now to bots, we witness a natural evolution of test automation.

In this next-gen testing brought about by RPA orchestration, an army of bots will drastically transform the time, energy, and effort required for validation and testing. We are gradually heading towards test automation that requires no touch; no script works across heterogeneous platforms, creates extreme automation, and allows integration with opensource and other tools.

According to Forrester, “RPA brings production environment strengths to the table.” It translates into production-level governance, a wide variety of use cases, and orchestration of complex processes via layers of automation. RPA allows organizations to democratize automation very rapidly within the testing organization.

Needless to say, RPA has an advantage over traditional tools in that it can be deployed where they fail to deliver results.

For instance, when the testing landscape is heterogenous with complex data flows, there is a need for attended and unattended process validation and to validate digital system. These all need an RPA solution that can bring in a tremendous amount of simplicity for building out bots quickly and deploying them with the least amount of technical know-how that even business stakeholders can understand.

The adoption of RPA is gradually gaining immense momentum. However, some organizations get perplexed when it comes to identifying and selecting the right processes for RPA as some operations are more suited for automation whereas some are not.

Selecting the right process and internalizing a technology require a lot of thinking through prior to implementation.

As a thumb rule, however, processes that are manual, repetitive, and rule-based are more suited for RPA implementation.

Within the world of automation, RPA’s role is quickly growing. It has already gained popularity in software testing for efficiently eliminating repetitive manual efforts in end-to-end testing by automating workflows and dissolving data silos.

Accelerating the pace of digital Transformation with RPA

Digital transformation has led to a paradigm shift in how quality is perceived and assured.

RPA helps organizations reshape how they operate and their level of responsiveness at most touchpoints within the value chain.

The core component of any organization’s intelligent automation tech stack is RPA. It enables rapid end-to-end business process automation and accelerates digital transformation journey.

Robotic Process Automation (RPA) is a key driver on the digital transformation journey—which is why, according to Deloitte, 53% of companies surveyed are ready to begin implementing RPA.

Are you automation-ready?

According to recent stats 30 - 50% initial RPA implementation projects fail (Report: Get Ready for Robots – Ernst & Young). With this, businesses are not sure about the desired results after investing in the technology. Enterprises should start bringing RPA into the testing fold if they plan to save resources, reduce defects, and prepare for a future that is already closer than we perceive.

Fast-track your Intelligent Automation journey with Tavant.

We believe that intelligent automation is not only about new-age technology. For Tavant, it’s much more. We are working with organizations to orchestrate new ways of working and embed intelligent automation into their operations to drive continuous innovation and business impact.

Want to know more about the potential of RPA in testing? Reach out to us at [email protected] or visit us at www.tavant.com to understand how we can help your business navigate next.

Tavant’s lending products and platforms are transforming lenders into intelligent digital lending enterprises. Our suite of solutions provides the flexibility and scale that helps deliver immersive lending journeys and seamless omnichannel experience.

TAVANT VΞLOX is the industry’s only AI-powered digital lending platform that maximizes the use of data-driven processes in the automation of loan origination lifecycle. It brings true digital disruption to the mortgage industry with a fluid omnichannel experience and high-velocity execution: from home discovery to loan funding.