Start Smart for Success: Selecting the Right AI Project

Wilqo
3 min read
Sep 26, 2024 1:50:23 PM

AI is everywhere.

The promise?

  • Revolutionize industries
  • Automate workflow
  • Make everyone’s job easier

Nearly every industry, including mortgage banking, is jumping on the AI bandwagon.

But …

Before you dive in, it’s essential to make sure you’re starting in the right place. As a lender, jumping into AI without a clear plan could lead to more headaches than solutions.

So, where should you begin?

Let’s break it down into five key steps to get you on the right track.

 

1. Start with the Problem, Not the Technology

It’s tempting to get caught up in the excitement of AI, but the first question you should ask isn’t “How can we use AI?”. It’s not even “What’s our biggest challenge right now?”.

You should be thinking along the lines of “which of our processes align with AI’s strengths?”.

Whether it’s improving loan processing times, cutting operational costs, or sharpening your marketing focus, clearly aligning your business problem with AI’s capabilities in mind is the most critical step. Without this consideration, even the most advanced AI won’t deliver the results you’re after. Suggestions:

  • Automation of repetitive tasks

“Our accounting process requires information to be re-organized to a specific format for every invoice”

  • Content generation

“I need to create an effective email campaign highlighting decreasing interest rates and the opportunity to refinance”

  • Comparison or extraction of information

“I have two versions of a checklist with conflicting information, summarize the differences”

 

2. Pick the Right AI Tool for the Job

Not all AI is created equal. Once you’ve identified your business challenge, it’s time to choose the tool that fits.

Are you looking for something to automate repetitive tasks, or are you seeking deep insights from massive data sets?

The right AI tool will align with your goals and scale with your business. Take your time researching options, testing products, and making sure the solution you choose is the right one for your specific needs. Don’t settle for shiny features; pick a tool that solves your problem.

A great place to turn to in order to learn about your options is an AI tool! Log into chatgpt.com for example, let’s say you decide you want to use AI to help generate marketing content for email campaigns. You could enter the following prompt:

"I'm a mortgage banker and I’m looking for AI tools that can help me create effective marketing email campaigns, including content generation, personalization, and optimization. Please recommend the best options, considering features like subject line suggestions, A/B testing, and integration with major email platforms."

 

3. Choose a Champion to Lead the Way

AI isn’t a plug-and-play solution. You need a leader within your organization to own the project. This person should be someone who understands both the technology and your business goals, acting as the bridge between teams.

Your champion will be key in:

  • Gaining buy-in from stakeholders
  • Ensuring the project stays on course
  • Driving adoption across the board

Without the right person leading the charge, AI is likely to fall flat for your organization.

 

4. Repetition

We have also found a key to success with adoption is repetition. Don’t assign team members an initiative and walk away. Instead:

  • Start chat groups
  • Schedule brainstorming sessions
  • Follow up to see how things are going

The power of AI is not always intuitive, and it is easy to walk away when the desired result is not immediately observed. Take the time to follow up with the project team to ensure adoption.

 

5. Measure and Share Success

How do you gain additional buy in from stakeholders? Share successes! Which of the following statements resonates with you?

  • “We are getting a lot of good traction with our AI initiative”
  • “Suzy is saving 30 minutes every day because of our AI initiative”

Make sure that your team can quantify the impact of your initiative and keep the positive messages flowing.

 

Conclusion

AI is a powerful tool, but success depends on how you start. Define the problem, choose the right tool, and find a leader to drive the initiative.  As part of your implementation, create an iterative process and ensure that you measure and share successes. With these steps, you’ll be well on your way to unlocking AI’s true potential in the mortgage industry.

 

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