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07/26/2017

From eClosing to zClosing

By Ryan B. Peterson

In 2007, the five largest mobile phone manufacturers ­– Nokia, Samsung, Motorola, Sony Ericsson, and LG – collectively controlled 90% of the industry’s global profits. That same year, Apple launched the first generation iPhone – at a time when it controlled just 4% market share of desktop operating systems and no market share in mobile phones. By 2015, Apple singlehandedly generated 92% of global profits while all but one of the former manufacturers made no profit at all.1 Apple disrupted a massive global industry controlled by five seemingly impenetrable incumbents. 

Disruptors and technological innovators are not new.  Today’s newest technology and latest disruption are tomorrow’s commonplace.  Tech moves quickly, and consumers’ tastes change even quicker. How does one keep up?  In particular, how do independent title agents keep up with ever-growing technology changes and consumer demands?

In our ALTA ONE panel discussion entitled “From eClosing to zClosing” Martin Stone, Eddie Oddo, and myself will discuss these and other concerns/opportunities surrounding disruptive technology in the title space.  Remember the slow evolution of the use of email in your agency?  Or mobile notaries and signing services?  What once seemed daunting is now customary.  In time, it will be the same for eClosings, eNotarization, digital mortgages, and whatever my children (Generation Z) demand when they come of age and buy their first home.  “How do I prepare for eClosings?” Though a valuable question, it is not the question because that is just the technology disruption du jour.  In this panel we look forward to discussing the right question(s) to ask, how to evaluate the myriad of technologies available, and specifically how to prepare your agency for the constant stream of new technologies and consumer demands.  We look forward to seeing you at our ALTA ONE panel in October!

 

Ryan Peterson is the Executive Vice President of Westcor Specialty, and is responsible for the overall vision, strategy, and growth of the Company.  At ALTA ONE, Peterson will speak more in depth about this topic during a session titled "From eClosing to zClosing” with his colleagues Eddie Oddo and Martin Stone. Click here to register now.

 

[1] Van Alstyne, Marshall W.; Parker, Geoffrey G.; Choudary Sangeet Paul.  “Pipelines, Platforms, and the New Rules of Business Strategy.”  Harvard Business Review.  Apr 2016.

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