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THE ROAD TO
INNOVATION
Feature By: Michael F. Sullivan
e COVID-19 pandemic will likely be a cross-roads and catalyst for
change to the long-term future for many industries. In the last few years,
we started to check into hotel rooms with our phone without having to
stop at the front desk. Restaurants provided modules to help customers
pay without handing their credit cards to the server. Minimizing
personal contact has likely become a trend which will accelerate
innovation more than we can imagine.
In our own industry, we have had
electronic access to necessary loan information
for decades. Creativity in our industry has
come from many different areas: property
preservation companies, technology firms, law
firms, title companies, collection agencies, claim
filers, and auction companies, as well as banks
and nonbank servicers. Innovations came as
we integrated information among disparate
systems, providing data and documents to
facilitate the process.
HOW THE INDUSTRY INNOVATES
Invoice processing technology is a great
example which changed our world in the last
quarter century. Logical milestones resulted
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