Technology. It is a funny sounding word with widespread connotations across an increasingly sophisticated, global base of consumers. For many of us, Mortgage Technology has more precise denotations surrounding offerings such as AVM, “e” products and solutions, fraud, contact centers, SaaS, SOA, Web 2.x, ITIL, .NET, and the list goes on. It gains further precision when we add in interoperable standards from MISMO, Adobe, and platform defacto leadership products within our discrete operating environments. In fact, one can argue that the collective solution set advancements we have witnessed in the last 18 months have been greater than the preceding decade.
Yet, for many decision makers placing their organizational growth and personal careers on the line there is escalating doubt on how these increasingly ubiquitous and commodity like offerings provide lasting competitive and market distinction. Whether we have been part of an enterprise or point-based implementation program or just read about it, many of us know the perils and unknowns that confront adoption of new or even enhanced mortgage technology solution sets. We know the failure rates both as buyers and vendors alike. So what does it all mean and what talent is required?
Whereas IT philosophers have raised these points on numerous occasions, we seldom move beyond the shock-driven headlines and into the root causes of both failures and the need for continuous innovation. In a recently published Financial Times article entitled “America cannot afford to drive away talent,” Bob Greifeld, CEO of Nasdaq OMX wrote that he believed our immigration visa approach resulted in, “ policies that drive away the talented young leaders we need to keep the US at the heart of the 21st century.” Bill Gates echoed a similar dissatisfaction with the H-1B lottery approach (163,000 applicants and 85,000 visas) in March 2008 much to the subsequent displeasure of various domestic organizations.Some have passionately argued that the acceleration of outsourcing and loss of technology workforces since the post-9/11 events have been a direct result of U.S. visa restrictions. Others argue that these losses are an outcome of worker rebalancing driven by globalization and the retiring of the domestic baby boomer population. A few have even placed the challenges and failures at the footsteps of technology education, corporate training initiatives, professional instruction, and IT and association certification programs.
My personal belief is if we holistically examine the ever-increasing complex technology approaches, these simplistic, siloed classifications no longer work. Why? With our specialized offerings now entrenched in data-driven, standards-influenced solution sets, the “blame” for failure and the “recipe” for success cannot be tagged to a single, dogmatic taxonomy. Multi-faceted revitalization approaches will be required.
Mark Twain was correct, “rumors of our’ death have been greatly exaggerated.” The media coverage of our pain and the consumer plight is relentless we are not dead, but in renewal. As an industry we are, I believe, at the beginning a new mortgage industry technological renaissance. As time flows into 2009, our renaissance will be one that embraces global workers, data-driven compartmentalized electronic processes, and cross-domain technologies, while at the same time revitalizing and reeducating American workforces. Our need for adaptive and aggressive technological education will continue regardless of whether you are domestic, or in India, China, even South America.
Technology is indeed a funny and sometimes confusing word. But unlike the Luddites, we will not be able avoid it as a new technological renaissance dawns. After all, without superiorly educated and trained technical personnel, how can we innovate, compete, and grow in an increasingly “flat world?”So what do you believe are the educational and professional challenges facing the “new” mortgage technologists? Does the salvation of domestic workforces reside with protectionism or with redevelopment of existing workers impacted by layoffs, bankruptcies, and corporate closings? Is outsourcing (i.e., ITO, BPO and KPO) a bane for professional development and retention, or is it just an option for technical innovation and orchestrated change? What skill sets are the most important when you look forward?
