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Industry's Technology Spending at All-Time High.
TEMPE, AZ -- The lending community realizes the benefit of automating in a down market as technology spending is at record highs, according to research shared by Jordan Brown, chief executive officer at consulting firm MarketWise Advisors, at the 10th Annual SourceMedia Mortgage Technology Conference here.
In 2006, the top 50 lenders spent $30 million in technology alone, he reported. "Technology spending fluctuates depending on the market. We saw a dip in 2003 - probably because lenders were preoccupied with record volume - followed by a rebound in 2004 and 2005. Spending continued to increase in 2006 and will likely level off this year at a record high.
"The key areas of technology payback for lenders looking to invest are workflow integration, automating business flow and offshoring. In deciding on what to spend on I stress that lenders rely on what they know and forget intangibles," noted Mr. Brown. "ROI from intangibles will come, but should not be counted on."
Sheer number of dollars being spent aside, most observe that the majority of the money isn't going toward innovation. "Despite all the spending very little is going toward innovation," added Brian ...
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Source: HighBeam Research, Industry's Technology Spending at All-Time High.