How Technology is Impacting the Title Business
What are the impacts of technology to watch for in the title business? There’s no doubt our industry will become increasingly automated over time. Technology won’t be an overnight disruptor; it won’t be like Expedia and Travelocity, which showed up and killed the travel agency business overnight. But technology will be an incremental disruptor; over time it will start affecting more and more aspects of title business, so owners need to stay on top of it.
For example, a lot of the closings could move online because of remote online authorization. That’s a significant source of revenue for title firms, as well as one of the services they have marketed as a significant value-add (i.e., “if you’re in Wichita, Kansas, we have a closing agent who can close the real estate transaction locally.”) But if the title agent sitting in Richmond, VA has remote online closing notaries and can close the house for John Doe in Wichita at home on a secure call for a lower cost, then what benefit does the small agency in Wichita bring?
Want to learn more about what technology trends mean for your business? Connect with us to find out how we can help forge your direct line to success.