[David] Allen Pollack. I didn't get your comments. I didn't mean, I didn't mean to skip over your comments about the market and interest rates and all that. Do you have some thoughts on that before we get into the tech update?
[Allen] It's okay. I moved my comments that I was holding on to over to my segment. So let's get started and I had a conversation with GPT about her thoughts and I said, make it lighthearted. So here's what GPT said. The economy is so bad. Even my savings account sent me a text that said, sorry, I can't help you. Inflation's so bad. I saw a guy at the store comparing the price of eggs to Bitcoin and she's got a lot here. One of them is, let's see, gas prices are so high I'm considering switching to a horse and calling it retro commuting. And the current state of the economy proves one thing, even economists don't know what's going on. So, GPT had a lot of jokes, but those were the quick ones. David we really, the content it, it's hard to figure out each week what it is I wanna talk about because there's so much of it, so much. Yeah. And then as I start to build out the content and folks that takes time to do but as you start to build out the content and it's a cultivation of an entire week of reading mortgage news and following people on LinkedIn and thank God we've got great people in the industry like Rob Chrisman and his report and housing wire and mortgage news and there's just so many, there's too many of the name and just the content. People really put a lot of time and effort into informing others. So, with that being said let's talk about a couple of things, David. The first is this really came up upon me personally and I was like, we got to talk about this falls into customer service. And then everything else I have today did the same. It's the end of QVC if you think about it, right? I'm not saying it is the end, but it's the end. It's now the creator economy. That's the new big thing. And whether it's the TikTok shop YouTube TV, you don't use cable TV anymore. Everyone uses YouTube TV. It's even come down to you. You don't stick a thermometer in the steak on the grill. You stick a digital thermometer and on your phone it tells you the temperature and how long you exactly continue to cook.
[David] So go in and watch football and it dings and let you know when your steaks are done or your chicken's done or your turkey. Yeah, exactly.
[Allen] Yeah. Consumers habits are now shifting and we talk about that all the time. Right now. TikTok shop drove over 1 billion a And beauty and personal care sales just last year. Social commerce is booming. TV now has over 8 million subscribers, making it the fourth largest TV provider in the United States. So, for the mortgage industry folks, it's a wake up call your home buyers, your current customers, your relationships, those folks, and you're them as well, right? But they're interacting with digital first platforms every single day. So how are we transforming to meet them where they already are? Technology is no longer optional. It's how we stay relevant. So with that being said, David, more great things to talk about customer service. Somebody had hit my daughter's car. And I went through their insurance company because it was their fault. What's really interesting is they had progressive. I called progressive. I immediately got a text message. And I did everything through a text message, and I immediately received a phone call, everything that I did to complete the claim, get them the information about the car. You name it, move forward was all through text message and I did speak with somebody, but I didn't even need the VIN number. I gave them the license plate number. I took pictures of the car. They didn't have to come inspect it. I told them where the collision center was. I took the car to they called the collision center and coordinated a resubmission of the information and it's not just progressive. I know Geico is very similar. My point in the end is it's more than just having people on the phone. It's more than just, having a script that they read. It's now going the extra mile. If you want that digital first customer, it doesn't mean they have to use your online portal. They don't have to submit your loan application. They may come into your branch. They may speak as a referral at a party. That's a super bowl party. Somebody was at last weekend. The point is you need to be digital first. You need to think about how is that digital first strategy engaging and connecting and how are we moving things along faster for the folks that we talk to? So, I thought that was really interesting. So moving over a couple things, and we'll get back to customer service in a moment. In the news, I thought were really interesting. We all know about soft credit polls and the ability to let people shop the mortgage industry. Luckily, did adapt to those pretty early on as other industries have trans union. Here's what they have in the Crisman report. It says TransUnion is improving the mortgage underwriting process with TruVizion branded early access soft check. And basically folks, what that is they're allowing you to do a soft report. It's pulling all the TransUnion trended credit data and enables you as a mortgage lender to begin underwriting earlier, reducing unnecessary upfront verifications and of course, processing costs, that's where we all get killed while helping protect your pipeline, meaning that you're not expecting to spend money or diverting work to loans that may not make it down the pipeline and best of all, what TransUnion says is lenders can be reassured that those borrowers can shop around. It doesn't mean shop around with other lenders, just shop around rates and options and thoughts and not be rushed. And a fear of their credit score being negatively impacted. So hats off trans union. I know a lot of folks are now doing that, but they are one of the major bureaus and they do have a lot of very important relationships. David, notary cam, we remember during COVID giant, giant push that we had for e-closings and notaries and all of that great stuff, so what they're saying right now is they continue to pioneer remote online notarization, and they're saying that their new innovative offering provides lenders with the fastest path to e-closings while requiring, get this, remember we talked about customer service folks, minimal effort, and it's effectively addressing common hurdles that have traditionally impeded the e closing implementation. They're saying they're simplifying the implementation process. They're minimizing changes to the lenders existing workflow. Some of that includes better integration, smarter interfaces, better customer service to you, the lender, and they're also partnering with title companies to get more tools to help you close those transactions faster. So, check out notary cam. If you're looking to streamline that part of your workflow and then David, I love chatbots. I've built two of them. Everything, AI capacity. I have been following capacity since they were ask Jane and I've always loved what they've done. They've expanded. I know a few people in the industry that have worked for them. So check this out. They had an acquisition in October of this year, 2024 two platforms. It's called Linc LINC and Lucy LUCY. So what they are now doing is they're redefining AI driven customer and employee experiences. Their AI can analyze a hundred percent of context center interactions to elevate agent coaching and customer experience. And they're saying linc elevates the customer experience automation. A lot of retail and e commerce brands already use this platform. That's why they acquired it. Support sales loyalty. And Lucy, LUCY simplifies the knowledge. So it's an answer engine and it makes navigating organizational data seamless. So think about that. Your customers have an unbelievable experience asking questions and engaging with your brand and left with link and Lucy will actually help your internal employees have the right knowledge they need on the front lines. So check it out. I love what capacity does. I love the name too. Go check out capacity now to end today, David,
[David] On that note, let me interject one thing. One of the things that bill Cosgrove did that was so good is he had created a system, you know what they call it. Ask Alice, I love that. Did you, cause you're so modest and all that. But the reality is that there's a kind of intelligence where you dump this data into a engine and you're able to query it. And that is going on. Pavan has done this at with angel AI. This is a game changer for people. Bill was fortunate enough to grab ahold of this sometime ago and smartly, I think wisely use Alice's name because she's most knowledgeable person in this and so smart on this stuff. And so I think that it's really interesting that capacity is doing the same with this.
[Allen] So we are in the very early stages of AI Engines have, and I don't give out stock tips, but I was watching CNBC one day and there, there was a gentleman on saying that we're going to see a stoppage and issue with the growth of AI. It's a temporary stoppage based on this computing power that we need and everybody, all of the engines and technology, everybody's working to create a lighter model. More powerful and less heavy and intensive on the backend systems. What is needed to process and leverage and run AI all the time is mind blowing. So, check that out. If you're interested in that as well.
[David] Yeah literally to the point that they're putting nuclear reactors to generate electricity at these data centers, they're building small, super safe nuclear reactors, the same group that was out protesting nuclear reactors a few years ago are now saying, no, we need them now. Of course, they've greatly improved the safety of them, but they're putting nuclear reactors to generate electricity at data centers to handle all of this. It's extraordinary.
[Allen] It's such an amazing time we live in right now. Going digital first and the internet was cool. This is just mind blowing. Over the top. Yeah. And David, before I get to this last piece, which is really important about customer service. I'll just say, you can Google it, right? We've talked about this on the podcast before you can GPT it. You get a faster, more concise, straight to the point answer. If you ask GPT a question, then if you go to Google and look at a million things and the younger generation. Is going to steer away from Google as time goes on, and it's going to be in everyone's phone, which we already know the digital connection that we have, or the human technology interaction is completely shifting, and we're watching it happen right away right under our eyes.
[David] It is. It's happening. Okay. It is truly happening. Yes, sir. Last item. You got that.
[Allen] Yes. If I got a minute, let me tell you about this because it is just so freaking cool. So Mike Seminary and sorry, Mike, if I pronounced your name wrong, he's with Stratmore and he has thoughts around customer experience. It's CX. By the way, if you folks ever see the letter CX, that's what that means. He's talking about their developments and the JD Power report that they have as we head into 2025. He says, while the rate environment and home prices have certainly put a strain on the overall mortgage borrower experience, Stratmore is seeing lean companies after several rounds of staff cuts. Okay, we've all been through that in many cases, outperform their 2023 customer experience, performance metrics and here are the call outs on his article that prove his point. And we're very critical to listen to because we've all had a rearranging of the deck chairs. We all have margin compression. We all have ways that we're trying to buy more technology, but cost less, right? It's a hard thing to do. It's so anyways, here's the call outs. Lean teams excelling. He's saying that companies with reduced staff are performing better because of a more focus on efficiency, accountability, and key customer touch points. Meaning they're spending these lenders are spending the time to understand who their customers are. Communication he says is critical following seven CX guidelines are pivotal points in the loan process. I don't have them here, but you want to check them out. And then he says early engagement wins. And we know that even from the traditional days of marketing before technology, engaging borrowers early in the process leads to significantly higher satisfaction, even in a challenging market and so at the end of the day. Communication, multiple touch points, and starting strong is what wins. You want to read the articles in the Stratmore report. It's also available in the Crisman report. Such good content and its great ways to be thinking, especially as we look at 2025 right around the corner.
[Davd] That's it's coming at us and the world that we know is about to change so dramatically. And we can't go on. I'm, I've stressed enough over and over and over and read the book, the coming wave. It just gives you just a peek into what, The amount of change that's happening, we're not going to recognize the world and the way we go about it, even old guys like Kittle can do it, even old guys like Kittel can learn how to do this sort of stuff anyway, having fun with you Mr. Kittle anyway.
[Kittle] I just found out what Google was this morning.
[David] But you bring it really a good point. You know what I was chuckling, when you talk about webcams and think of the cams, it was you that brought to our attention that there's now a toilet cam that analyzes and does. So you don't have to say, yes, you're a do that. That was it. So I think you've moved up the cam reports. Now, at least you're talking about notary cam you're out of the toilet and into the notary cam. So, kudos to you. You're moving North. You're moving.
[Allen] David. Since you brought me back all the way down to the can let's talk about this can, the, can, the can and the cam. Yeah. We never thought we'd see this can, but do you know that GPT did a silent release and they now can interact with applications on your computer so you no longer have to switch. If you're working with GPT between a notepad or something else, you can tell GPT go to the notepad, look at the note I just made and use that in the conversation.
[David] Yeah, it is. It's just and here's the deal. If you don't stay up on it I mean, there's whole classes Marc was telling he can't be with us today, but he's caught in an airport but he was telling because his daughter teaches at a university And Marc is so smart. He teaches at a university and he's one class away from getting his phd But anyway, he's saying the amount of classes that are being taught and how to use Genitor of ai whether it be chat GPT is extraordinary So yes, our world is changing rapidly. Allen, another good report. And you've got some news. You're going out and you're forming your own company and you're doing some things I'm very excited about. Come on, give us a little kid. Can you talk a little bit or are you going to want us to hold off before we talk about it?
[Allen] No, it's I've got a couple things going on, but yeah, I went to somebody in the mortgage industry to do my own personal branding and I'm launching my own advisory and consulting business. I've always had it and I have projects, but I've never formally introduced it to the market. And let me tell you, it's like going to a therapist. If you've never worked with a personal branding coach. It is an interesting experience, and I went from thinking that maybe I was going to be their most difficult customer to definitely being their most difficult customer because they really make you think different. And I, yeah I'm excited to share the site soon. And then I have an AI company that we are bringing to the market and I'll share more about that and we'll do something special for Lykken on Lending customers. It is AI specifically targeted in the mortgage industry. It's not underwriting. It's not loan applications. It's customer engagement. It's cool stuff. So we'll talk more about that later.
[David] Very cool. Yeah, I can't wait. Yeah, very cool Yeah, you worked with I can see her but i'm not thinking of her name under branding I want to give her a…
[Allen] Bianca Broos
[David] brianca our good friend Yeah, bianca and I serve on the TMC consultation committee or group or coop. So there's like a co op within it. And so Bianca is amazing. I love Bianca. She's brilliant at it. It's like she gets into it. You she's digging into your soul to find out what it is anyway.
[Allen] Yeah. She's the therapist. I never know. I need it. It's great.
[David] If you're going through a divorce, yeah, you need one for a lot of different things anyway. So happy that you get through that successfully.
Allen Pollack
, Chief Operating Officer, Tech Consultant
Allen Pollack, a Mortgage & Financial Services Technology Advisor, is a subject matter expert in the mortgage origination process along with software product management and software development.
In today’s financial services push to all things Digital, Allen has been helping lenders and financial services solution providers align their digital transformation and technology strategies by removing the human element of risk, and automating processes that drive efficiencies and margins into profits.
Over the course of his career, Allen has co-created and developed technology business models that have birthed highly successful, innovative solutions and companies.
Allen co-founded and served as CTO of New York Loan Exchange (NYLX), a loan product eligibility and pricing engine (PPE) that made an immediate impact on the industry, scaling the company quickly and forming partnerships with multiple mortgage and financial lending companies. In 2012, Allen was a co-founder of a merger between NYLX and Aklero Risk Analytics that created LoanLogics, A Mortgage Loan Quality and Performance Analytics company. Allen served as CTO where he continued to bring new and innovative product solutions to the market that made a significant impact to mortgage lenders that reduced risk, scaled business channels, and grew profits in a very competitive and highly regulated market.
Allen is also is mortgage and finance technology contributor on a weekly live industry podcast, Lykken on Lending, and is launching a new podcast soon to be released, TechStack Radio, dedicated to technology and innovation in Financial Services.
