Was speaking to William Rice today. He's one of the founders of Kaleidico, a new technology development firm that made its debut at the MBA show last month. Bill was on the team at DeepGreen that developed the automated HELOC product a few years ago. He has also worked at Quicken Loans.
"Technology providers have done just what lenders have asked them to do," Rice said, "which is to just put workstations in front of the people they already have. They have missed the opportunity to actually automate those processes."
The problem with many solutions on the market today, according to Rice, is that developers are offering to sell automation solutions on a per seat basis. So, the better they are, the less they get paid. Rarely works in the real world.
We captured all of his comments for a podcast that you'll find on the site shortly.