Innovation: Not Just For the Customer

first_img Data Provider Black Knight to Acquire Top of Mind 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Innovation 2017-07-24 Sandeep Hinduja The Best Markets For Residential Property Investors 2 days ago Innovation: Not Just For the Customer Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Demand Propels Home Prices Upward 2 days ago Innovation in the mortgage space is advancing at a rapid rate and playing a fundamental role in transforming the customer experience. No doubt, it is critical to solve for the customer experience as it can lead to greater returns, better customer engagement, and productivity gains. Innovations, such as web-portals and apps, have already accelerated production efficiency by enabling the borrower for self-service. If front-end innovations are driving back-office efficiencies, then we must allow ourselves to imagine the behind-the-scenes impact that operational innovation will have on customer experience transformation. Beyond customer experience, innovating for the sake of your operation is also worthwhile; operational innovation done right can accelerate timelines, simplify processes, improve origination quality, engage your employees, and reduce costs.By taking a broader view of the role innovation plays in the mortgage industry, lenders will be able rethink how lending is done and create new processes, tools, and technologies. Here are four reasons to bring your organization along for the innovation ride:Process Simplification If you’ve been working in the mortgage industry for a long time—or for just a single day—you already know that the business of originating loans isn’t exactly simple. It is often complicated by regulation, data, documents, and timelines.Innovating new ways to simplify and accelerate some of the more cumbersome processes is one of the biggest opportunities for the mortgage industry. While there have been significant reductions in days-to-close and noteworthy advancements in process automation, there are still ample opportunities for improvement around process simplification, hyper-automation, robotics, and artificial intelligence. Until originating a mortgage is as easy as originating an auto loan, the mortgage industry must continue to aggressively seek out opportunities to simplify back-office processes within the mortgage value chain. Innovation for Supply Chain OptimizationThe mortgage industry has an incredible ecosystem of businesses, partnerships, and third-party service providers. These providers often contribute niche expertise on a specific aspect of the mortgage value chain. However, unless lenders are integrating quickly and seamlessly with their providers, there will always be opportunities for innovation. Luckily, innovation to streamline the mortgage industry supply chain is already taking place. Plug and play APIs are rapidly becoming the new way for loan origination technology platforms to enable lenders to easily add and remove new services to ensure they remain competitive in the emerging mortgage market. In addition, more lenders are implementing collaboration tools to ensure complete visibility into its service providers’ involvement including greater coordination for appraisals, title and closing, better reporting and metrics, and faster time-to-close. A streamlined supply chain translates to greater cost-savings, faster cycle times, fewer set-backs, and customer happiness.Innovation for Customer Analysis & Underwriting Underwriting has certainly evolved over time, but the opportunity for even greater change is still ahead. Significant advancements in technology and social media—most notably, big data—are set to change the game. Unstructured data and data derived from previously unmined sources such as social networks, e-commerce and buying patterns, business and banking data, PDF document extraction (OCR), electronic devices, and the internet of things (IOT) present a significant opportunity to accelerate underwriting and improve accuracy. The application of big data and analytics for risk analysis will enable lenders to project forward the performance of a loan by gauging borrower behavior and the ability to pay over a long-term period. Moreover, big data innovations that will improve access to data will eliminate long wait times for information and help lenders tailor their solutions and processes to meet a unique borrower profile. There is no limit to the benefits of big data, but the main ones include precision in underwriting, fast turn times, delivery of tailored products and processes, and ultimately greater profitability.Employee engagementBy redefining “customer” to include internal stakeholders and employees, lenders will be able to improve overall staff engagement and enthusiasm, which will ultimately improve customer service and drive productivity for the lender. As lenders move forward in selecting technology and tools or innovating new approaches, it is critical to keep in mind how the innovation will impact the person doing the work. Will adopting a new web portal or mobile app require them to manage multiple disparate platforms or will it integrate seamlessly? As the millennial generation is entering the workforce in droves, lenders with a modern tech-driven origination approach will successfully attract and retain new talent while driving the type of excitement that will lead to new contributions and innovations.As customer facing technologies and fintech solutions gain popularity, it is important that the mortgage industry recognize the need for balance. There is a symbiotic relationship between operational innovation and customer innovation. By broadening our perspective and identifying the impact that back-office innovations can have on the customer experience and vice versa, the mortgage industry will be able to connect more dots and create more connections so that one innovation will inspire another, ultimately shaping a new mortgage landscape. About Author: Sandeep Hinduja in Daily Dose, Featured, Market Studies, News Demand Propels Home Prices Upward 2 days ago Subscribecenter_img Home / Daily Dose / Innovation: Not Just For the Customer  Print This Post Sandeep Hinduja is a director at Wipro Gallagher Solutions, a Wipro Limited company offering end-to-end technology products and services for retail, wholesale, correspondent, and consumer lenders. Sandeep has more than 16 years of experience developing product growth strategy and consulting with clients. Previous: The Big 5: The Best Cities to Live In Next: Changes in Leadership to the OCC Tagged with: Innovation Related Articles Servicers Navigate the Post-Pandemic World 2 days ago Sign up for DS News Daily Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago July 24, 2017 1,456 Views last_img read more

Vitamin D may slow progression of metastatic colorectal cancer

first_imgResults of a small clinical trial suggest that supplementing chemotherapy with high doses of vitamin D may benefit patients with metastatic colorectal cancer by delaying progression of the disease, say scientists from Harvard-affiliated Dana-Farber Cancer Institute.Prompted by the “very encouraging” results of the Sunshine clinical trial, the potential benefits of vitamin D supplementation in metastatic colorectal cancer will be evaluated in a larger clinical trial planned to open at several hundred sites across the U.S. later this year, said Kimmie Ng, director of clinical research in Dana-Farber’s Gastrointestinal Cancer Center, and corresponding author of the Sunshine study. “To our knowledge, this study is the first completed randomized clinical trial of vitamin D supplementation for treatment of advanced or metastatic colorectal cancer,” Ng said.In the high-dose group, patients had a median delay of 13 months before their disease worsened; in the low-dose group, the median delay was 11 months. In addition, patients in the high-dose vitamin D group were 36 percent less likely to have disease progression or death during the follow-up period of 22.9 months. The trial included too few patients to determine whether those who took high-dose vitamin D survived longer overall.“The results of our trial suggest an improved outcome for patients who received vitamin D supplementation, and we look forward to launching a larger trial to confirm these exciting and provocative findings,” said Charles Fuchs, formerly of Dana-Farber and now director of Yale Cancer Center, the senior author of the study.The initial findings were reported at the 2017 meeting of the American Society of Clinical Oncology. Those results, along with additional data, are now being published in the Journal of the American Medial Association.The Sunshine trial randomized 139 patients with previously untreated metastatic colorectal cancer. One group took pills containing 4,000 international units (IU) of vitamin D per day along with standard chemotherapy, while the other group took 400 units (about the dose found in a multivitamin) along with chemotherapy.Vitamin D, which is necessary for bone health, is made in the body through a chemical reaction dependent on sun exposure and is contained in some foods. In laboratory studies, vitamin D has demonstrated anti-cancer properties such as triggering programmed cell death, inhibiting cancer cell growth, and reducing metastatic potential. Prospective observational studies have linked higher blood levels of vitamin D with lower risk of colorectal cancer and improved survival of patients with the disease, but those studies could not prove that vitamin D was the cause.Against this backdrop, the randomized, prospective phase 2 Sunshine trial recruited patients at 11 academic and community centers across the U.S. to test whether vitamin D supplementation can improve outcomes in patients with metastatic colorectal cancer. All patients received standard chemotherapy. Patients in the high-dose vitamin D group initially took 8,000 IU a day for 14 days, then 4,000 IU a day thereafter. The low or standard-dose vitamin D group took 400 IU daily during all cycles. All patients were asked not to take any other vitamin D or calcium supplements during the trial period.The trial’s primary outcome measure was progression-free survival — the time until the disease began to worsen, or death — and it was longer in the high-dose group. Another measure that was calculated, the hazard ratio for disease progression or death, revealed 36 percent lower odds in the high-dose group.The researchers also sampled patients’ blood to measure changes in the levels of 25-hydroxyvitamin D [25(OH)D], which is a standard test to determine a person’s vitamin D status. This test showed that only 9 percent of the patients in the clinical trial had sufficient vitamin D at the beginning of treatment. Over the course of the study, patients receiving low doses of the supplement had no substantial change in their vitamin D levels, while those in the high-dose group soon reached the vitamin D-sufficient range and maintained it. Related Harnessing nature to beat cancer Wyss Institute researchers are inventing new ways to fight the deadly disease Seeing things in a different light System converts low-energy photons to high-energy, could be used in a host of applications Analysis of the results showed less benefit from high-dose vitamin D in patients who were obese, and those whose tumors contained a mutated KRAS gene, suggesting “that certain subsets of patients may need even higher doses of vitamin D for anti-tumor activity,” the researchers said. They cautioned, however, that high doses of vitamin D shouldn’t be taken except within the context of a clinical trial.The study and its findings are “extremely important,” Ng said, because “it identifies a cost-effective, safe, and easily accessible agent as a potential new treatment for metastatic colorectal cancer. This could therefore potentially have a large and wide-reaching impact globally, regardless of a patient’s socioeconomic status or a country’s resources.”The research was supported by National Cancer Institute grants P50CA127003, R01CA205406, and R01CA118553; a Gloria Spivak Faculty Advancement Award; a Friends of Dana-Farber Cancer Institute Award; the Project P Fund; Consano; Pharmavite LLC; and Genentech.Ng reports grants from National Cancer Institute, grants and non-financial support from Pharmavite, grants from Genentech, and grants from Consano during the conduct of the study; grants and non-financial support from Pharmavite, personal fees from Genentech, personal fees from Lilly, grants from Gilead Sciences, grants and personal fees from Tarrex Biopharma, personal fees from Bayer, personal fees from Seattle Genetics, grants from Celgene, and grants from Trovagene outside the submitted work.last_img read more

B&H Has the Most Passionate Football Fans of All the Teams of World Championship

first_imgThe financial portal Reuters claims that B&H has the most passionate fans of the 32 teams of this year’s World Football Championship in Brazil.The financial expert of this portal came to this conclusion based on the results of a socio-economic research of every participant of the World Championship. Out of four factors, the B&H team is in first place when it comes to football fans.Considering the other three factors, such as the value of players, number of inhabitants of every country and their commitment on playing football, the “Dragons” came in 15th place out of 32 teams.According to the research, Germany will be crowned with the title of World Champions, while the team of Safet Šušić will finish its participation at the match against France. Brazil will take second place, Italy in third and Spain in fourth place.(Source: klix.ba)last_img read more