It is becoming evident that the settlement services sector, which had previously been slow to accept new technologies, is now heading toward total automation. This is fantastic news for an industry where procedures, clients, and compliance standards vary significantly from state to state or county. However, some areas in most workflows still require the manual transfer of information from one system to another, adding more keystrokes and raising the possibility of productivity-killing silos. This is true even though numerous technological tools, such as title production systems (TPS) or online title search solutions, have significantly helped title firms to improve and accelerate their processes.
The good news is that a variety of new and constantly evolving technologies are emerging to fill the “in-between” system gaps, a lot of which include artificial intelligence (AI), also known as “machine learning” (ML), and robotic process automation (RPA), sometimes known as “bots.”
While RPA and AI are distinct in that RPA lacks inherent intelligence or the capacity to learn from its own experiences, these two characteristics of RPA are crucial for the title and closing of organizations. With the help of personalized bots and AI, manual title business operations are increasingly being removed. To gather that variety of orders and swiftly and automatically input them into the same format in the TPS with little to no human interaction, several RPA, and AI solutions are now becoming available.
However, RPA systems can quickly review every title order, producing reports that are immediately converted into a ledger balance update and submitted to the TPS. And unlike even the most productive professionals, these technologies are frequently accessible 24/7/365. To read more on emerging AI Solutions, click here.
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