Imagine looking at all the elements and complexities of a given business through a clear and concise “single pane of glass: one easily manageable web interface that has the horizontal capability to do anything you might need, all in one platform.”
It may sound too good to be true, but “single pane of glass” systems could soon become a reality within the mortgage industry. Underwriters, processors, loan originators and others who work at a mortgage or banking institution in other capacities must manage and maintain a plethora of different third-party software solutions on a daily basis.
It’s complex to simultaneously balance dozens of vendor solutions to monitor services, using different management console reports and processes for each. This cumbersome reality is one of the most significant challenges bankers face.
There are proven solutions and approaches to rationalizing these operational processes and streamlining interactions with customers, clients and new accounts. In the parlance of a technologist, these are called “single panes of glass,” better understood as multiple single panes of glass.
That does exist if you’re talking about a single product. Herein lies the problem. Heterogenous network users are using single third-party platform solutions for each service they need, with a result that one would expect. Too many single panes of glass — so much so that each becomes its own unique glass of pain.
How can banks fix this problem? Simply put, people need a single view of their purposed reality. Every source of information and environment, although different, needs to feed into a single API (application program interface). This is more than possible if banks use artificial intelligence and machine learning programs and API frameworks that are updated to current, modern standards. They can unify everything.
Ideally, one single dashboard would need to be able to see everything; this dashboard wouldn’t be led by vendors but would be supported by a plethora of APIs. Banks could plug that into an open framework, which can be more vendor-neutral, and you now have the option to customize and send data as needed.
The next hurdle the industry will need to overcome is that the panes of glass aren’t getting any bigger. Looking at pie charts and multiple screens and applications can be a real pain; it can feel like there isn’t a big enough monitor in the world to sift through some data spreadsheets and dashboards effectively.
With a “single pane of glass” approach, banks don’t have to consolidate all data they need. Instead, they can line up opportunities and quickly access solutions for better, seamless collaboration.
Focusing on one technology provider, where open-source communication can make integration seamless, might be a good adoption route for bank executives to consider in the short term while the industry adapts to overcome these unique challenges.