Starting Small, Then Branching Out
We started small and piloted Finicity at half a dozen branches. These were among our bigger locations in terms of volume, but their loan originators were also more willing to embrace change. To be honest, people don’t like when you alter the way they work, especially when you ask them to drop a tool they’d adopted a few months earlier for something even newer. I knew that no one in our Finicity pilot locations would bemoan the fact that we were moving in another direction.
At first, those branches were the only locations to use Finicity with our online applications. Then we expanded its use to non-online applications through Encompass. After a successful pilot, we rolled it out to the loan originators at all our locations.
In all, it took about 90 days to make the transition to Finicity, and the process could have been faster were it not for a big event. Every January, Waterstone holds a huge sales conference, so we put the brakes on the deployment to prevent overstraining our resources. When we resumed the Finicity rollout in February, it continued as if we had never stopped.
Our loan originators started to embrace their new tool. Between March and June of this year, we’ve seen a 10% to 15% monthly increase in the use of Finicity to verify assets. That’s a telling reflection of Waterstone’s overall shift to digitization. Over time, originators not only accept the increased efficiencies, but are excited by them.
We’ve seen a 10% to 15% monthly increase in the use of Finicity to verify assets.
Partnering with Finicity has been so valuable because it's empowered us to deliver on our promise of seamless, accurate, real-time advice through a combination of technology and human insight. We help our customers focus on what matters most to them and Finicity does the same for us.
We don't have to waste time inputting data or worrying that the data is wrong or insecure. We don't have major crunch times to produce quarterly reports or file taxes because the stream of data is real-time. We can focus our energy on delivering those insights to the customer.