Digital Reaches the Unreachable

There are many rewards for ushering new ways of thinking into an incumbent marketplace. For starters, the change often breathes new life into the underlying purpose of the work it impacts. Take real estate lending, for example. Many of the analog processes of yesterday are becoming digitized, making it exponentially easier to deliver services to elderly and disabled borrowers pursuing homeownership.

The ability of digital technology to reach the unreachable is among the most unsung benefits of technology in today’s environment. When we talk about digital transformation, we typically hammer away on the ability to provide faster or more convenient service to the same people who already have heaps of choices when it comes to … well, everything. And, when we have our eyes trained on the prize of satisfying segments of the population that are already largely satisfied, we miss the much bigger part of the story: Digital reaches the unreachable.

In recent months, our team has been working alongside legislators and others to push remote online notarization into law in our home state of Iowa. According to HousingWire, it’s one of the main things standing in the way of a fully digital mortgage in the states that have not yet allowed its entry into the marketplace. Ironically, one of the objections we heard from interested parties was that remote online notarization could alienate older borrowers who aren’t as comfortable with digital processes.

We had a hard time wrapping our minds around that premise. Remote notarization allows borrowers to sign documents from literally anywhere, including their homes, via secure video conferencing. I’m hard pressed to think of anything more comfortable than home. What’s more, studies indicated older consumers increasingly favor connected technologies. Pew Research tells us 73% of Americans 65 and older regularly use the internet. That figure rises to 88% among people 50 to 64 years old.

As we worked to educate dissenters of remote online notarization (of which there were very few, I might add), we did a fair amount of talking about disabled borrowers. Sixty-one million U.S. adults report they live with a disability, according to the Centers for Disease Control and Prevention. Many of these individuals not only enjoy the internet and other networked technologies, they are reliant on them for life’s essentials. Mary Pat Radabaugh, formerly of IBM, famously said, “For most people, technology makes things easier. For people with disabilities, technology makes things possible.”

It’s certainly important to note the existence of a digital divide between those living with a disability and those without. But, as an industry of people helping all people, credit unions and their CUSO counterparts have a responsibility to bridge that gap where we can. Remote online notarization and so many other digital advancements do exactly that.

Innovation is advancing rapidly, but there are many barriers to ubiquity. We have the ability to influence acceptance of new methods and emerging technologies even in highly regulated industries like ours. But, it’s not easy. It takes work, passion, tenacity and most importantly, humility.

Throughout our lobbying effort, I was relieved to learn that the people we have elected to make, carry out and interpret our laws are quite accessible. And, most are not only willing, but eager, to listen to people coming to them with ideas … especially when those ideas come with the potential to improve the lives of their most vulnerable constituents.

With strategic planning season upon us, now is a great time to think through the ways your credit union can use technology to reach the unreachable. Who, in your community, has been overlooked for too long? How can you use digital devices, connected technologies and other internet-enabled methods to open up new possibilities for them and their families?

Next, jot down a list of the things standing in your way and what it would take to knock those barriers down. Go after them strategically and patiently. Meaningful change, even that ushered in by rapidly advancing technology, does not happen overnight. Yet, incremental developments open up new possibilities all the time. For instance, our job of convincing remote online notarization naysayers to rethink their position became much easier after the National Association of Secretaries of State adopted nationwide standards for online notarization.

It’s OK to take your time. Changing hearts and persuading minds is a journey. Traveling that journey patiently is much easier if you establish small milestones and celebrate even the tiniest of wins along the way.

Keeping the “why” in mind throughout is also very helpful, especially if you’re working to motivate a team. Schedule in-person visits or video check-ins with the people whose lives you are hoping to impact. Those human connections can do a lot to calm an impatient soul.

The life-changing effects of technology integration with traditional financial services are limited only by our willingness to chase them down and see them through. Credit unions are filled with people unwilling to give up. That’s because they are fighting for their members. I can’t wait to see how this industry channels that tenacity to bridge the digital divide, showing even more people the pathways to financial freedom.

Omar Jordan is Founder and CEO of LenderClose. He can be reached at ojordan@lenderclose.com.