Why it’s time to get serious about cleaning up your tech stack
Obsolete technology is risky business for a whole host of reasons. But for the title insurance industry, there are specific risks that make it imperative for agents to clean up their tech stack.
#1 Cyber threats
Let’s start with the biggest risk that outdated technology poses for the title insurance industry. Legacy technology is rarely supported by patches or updates that ensure it is secure. Older systems can provide an inroad for fraudsters to gain access deeper into your systems.
Data breaches are notoriously prolific and often the problem is a complex tech stack that has not been routinely vetted, updated or cleaned out. Knowing what is in your tech stack, what is still being supported by the provider, and ensuring your IT team is updating the software is critical to ensuring the safety of your customer’s data and funds.
#2 Downtime
Older software and systems are clunky, which often leads to slowdowns and shutdowns that can drastically impact your ability to deliver the timely services your customers need to close their transactions. The title insurance and closing business is complex with a lot of moving parts. If one piece of your tech stack fails, it can hold up everything else down the line.
#3 Time and Money
Sometimes cleaning up the tech stack is about getting rid of older unsupported technology, but sometimes it’s about getting rid of the clutter.
If you have acquired multiple systems that require your staff to move in and out of dozens of applications during the day, it could be that cleaning up your tech stack means streamlining your processes to reduce redundancy and confusion. Eliminate solutions that are not delivering a clear benefit such as saving time, improving customer service or increasing your profits.
No title agency has an unlimited IT budget. Eliminating unused systems can not only free up the budget to invest in more sophisticated technology, but it can also free up your IT staff who are devoting time and effort to patching, updating and tinkering with older solutions.
#4 Innovation
You can limp along with your old horse and buggy or invest in the 2024 Lucid Air or BMW iX. Both will get you down the road, but the new electric vehicles are going to get you there much more efficiently. (And you will look better, too!)
Title agents today need to be looking to the future; not only the future of their own industry but where lending and real estate are heading as well so that the technology you invest in meets your customers’ needs and expectations down the road.
Getting rid of outdated technology today can pave the way for what is coming down the pike, ensuring you and your IT team are ready to leap into the future.
At VizionX, we are here to help you streamline your business processes to prepare you for future market growth. We are designing our new title production platform to integrate tightly with popular platforms in the title and mortgage industries, allowing you to build a tech stack that aligns with your workflows seamlessly. Call us today to learn more.
