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History of Mortgage, Banking and Insurance Software Automation
Our innovations in mortgage, banking and insurance software automation are just the latest in a long history of technical developments that have transformed the industry.
200 years ago - people were processing financial transactions by hand using a quill pen, which underwriters at institutions like Lloyds of London still do today mainly for traditional purposes.
200 years ago - Financial transactions were processed by hand using a quill pen. Some underwriters at Lloyds of London keep this tradition alive today.
100 years ago - the type writer was invented and this doubled the efficiency process.
100 years ago – The invention of the typewriter doubled the speed at which transactions were processed.
30 years ago - dos character based systems allowed people to use a word processor and typing mistakes could be taken out before printing.
30 years ago - DOS character based systems and word processors allowed typing mistakes to be eliminated from documents, vastly improving accuracy.
25 years ago - single / multi user dos character databases became the norm and an administrator could type in some client, loan and policy information and then print out a document that the system generated.
25 years ago - Single and multi user DOS databases became the norm, automatically printing documents from stored data.
20 years ago - windows based systems enhanced this process and people could see exactly what the system was producing before it produced it.
20 years ago - Windows based systems made the process simpler to use and allowed the user to preview changes.
15 years ago - these systems got better and electronically stored everything.
15 years ago - Electronic storage of documents further improved these systems.
All of the above needed less people at each process.
Today 2011 - much of the low end clerks staff members are no longer needed in most cases, as computers can automate most of the entire process. Today senior administrators, managers, directors and technical business project analysts who are earning more because there companies are more profitable are all that is required. These people also get involved to build the processes that the computer uses. The senior administrators will interact with clients for customer services purposes that cannot be automated. Using price comparison websites and SEO, companies can process thousands of new applications automatically in a few minutes, that would take an army of data-entry clerks of old many hours.
What is required is switched on Directors, Managers and IT people who can help build these automation systems and solve the minor quirks as and when they occur. If a Manager can be both business orientated and mathematical technical minded, then they will be king as financial services has finally gone the same direction as manufacturing did 20 years ago.
Processing 4000 mortgages may take 8000 man hours 200 years ago, or 1000 man hours 20 years ago. Today it can take 50 man hours.
All of the real increases have happened over the last 30 years, so imagine what systems will be like in 15 years time.
Today – By integrating customer facing websites, price comparison sites and back office functions, thousands of new applications can be processed automatically in a few minutes.
All of these improvements – to speed, accuracy, automation, simplicity, document storage and integration – have produced systems requiring fewer people to run them. Processing 4000 mortgages took 8000 staff hours 200 years ago, or 1000 staff hours 20 years ago. Today it can take 50 staff hours.
Today, many of the data entry or clerical staff who would have been essential even 20 years ago are no longer needed. Companies that have been successful in the financial sector are smaller and smarter than their predecessors, and more profitable as a result. Instead, the key people are senior administrators, managers, directors and technical business project analysts. They build the processes that the computer uses, and provide clients with a high level of customer service.
With over 20 years’ experience in the financial sector, we have anticipated and shaped these changes, and helped our clients adapt to them. All of the significant technological changes in our industry have happened in the last 30 years, so imagine what systems will be like in 15 years time.
History of Mortgage, Banking and Insurance Software Automation
Our innovations in mortgage, banking and insurance software automation are just the latest in a long history of technical developments that have transformed the industry.
200 years ago - people were processing financial transactions by hand using a quill pen, which underwriters at institutions like Lloyds of London still do today mainly for traditional purposes.
200 years ago - Financial transactions were processed by hand using a quill pen. Some underwriters at Lloyds of London keep this tradition alive today.
100 years ago - the type writer was invented and this doubled the efficiency process.
100 years ago – The invention of the typewriter doubled the speed at which transactions were processed.
30 years ago - dos character based systems allowed people to use a word processor and typing mistakes could be taken out before printing.
30 years ago - DOS character based systems and word processors allowed typing mistakes to be eliminated from documents, vastly improving accuracy.
25 years ago - single / multi user dos character databases became the norm and an administrator could type in some client, loan and policy information and then print out a document that the system generated.
25 years ago - Single and multi user DOS databases became the norm, automatically printing documents from stored data.
20 years ago - windows based systems enhanced this process and people could see exactly what the system was producing before it produced it.
20 years ago - Windows based systems made the process simpler to use and allowed the user to preview changes.
15 years ago - these systems got better and electronically stored everything.
15 years ago - Electronic storage of documents further improved these systems.
All of the above needed less people at each process.
Today 2011 - much of the low end clerks staff members are no longer needed in most cases, as computers can automate most of the entire process. Today senior administrators, managers, directors and technical business project analysts who are earning more because there companies are more profitable are all that is required. These people also get involved to build the processes that the computer uses. The senior administrators will interact with clients for customer services purposes that cannot be automated. Using price comparison websites and SEO, companies can process thousands of new applications automatically in a few minutes, that would take an army of data-entry clerks of old many hours.
What is required is switched on Directors, Managers and IT people who can help build these automation systems and solve the minor quirks as and when they occur. If a Manager can be both business orientated and mathematical technical minded, then they will be king as financial services has finally gone the same direction as manufacturing did 20 years ago.
Processing 4000 mortgages may take 8000 man hours 200 years ago, or 1000 man hours 20 years ago. Today it can take 50 man hours.
All of the real increases have happened over the last 30 years, so imagine what systems will be like in 15 years time.
Today – By integrating customer facing websites, price comparison sites and back office functions, thousands of new applications can be processed automatically in a few minutes.
All of these improvements – to speed, accuracy, automation, simplicity, document storage and integration – have produced systems requiring fewer people to run them. Processing 4000 mortgages took 8000 staff hours 200 years ago, or 1000 staff hours 20 years ago. Today it can take 50 staff hours.
Today, many of the data entry or clerical staff who would have been essential even 20 years ago are no longer needed. Companies that have been successful in the financial sector are smaller and smarter than their predecessors, and more profitable as a result. Instead, the key people are senior administrators, managers, directors and technical business project analysts. They build the processes that the computer uses, and provide clients with a high level of customer service.
With over 20 years’ experience in the financial sector, we have anticipated and shaped these changes, and helped our clients adapt to them. All of the significant technological changes in our industry have happened in the last 30 years, so imagine what systems will be like in 15 years time.
