As many of you know that read my stories regularly, my older son is a great singer that is very into theater. This year his school is deciding between putting on a production of Big: The Musical, The Lion King or Aladdin. My son is pushing for Aladdin. So, I thought it would be great to take him and my younger son to see Aladdin performed on Broadway. It was a great show!
The famous duet from Aladdin is “A Whole New World.” In the stage production, Aladdin and Jasmine are sitting on a magic carpet that actually “flies” on stage. My younger son was amazed. He is now insisting that magic is real. In fact, it was pretty amazing. I’m not sure how they made that carpet look like it was flying so effectively. I didn’t see any strings or anything. But, I digress.
The premise behind Aladdin is that this boy finds a magic lamp and starts making wishes to change his life for the better. In the end though, the wishes backfire. Aladdin realizes that you can’t just rely on wishes, you have to actually make things happen. Even if we go back to my son’s case, he wants Aladdin to be the play performed, but he’s not just sitting around crossing his fingers, he’s talking to his acting teacher and the head of the theater department to make his case. I like to think that he gets that tenacity from me.
Unfortunately, I don’t see that same tenacity in the eyes of most lenders. As the Lending Laughs cartoon suggests this month, I think a lot of lenders spend more time wishing for things to go back to the way they were before the meltdown instead of looking ahead and actually doing something to improve the industry as it is today.
Right about now you’re probably thinking: What can lenders do? Well, they can start by taking a critical look at their business and their process. Nothing is perfect. Everything can be improved. The more time lenders spend thinking about how they can be more efficient, more cost effective, more customer centric, etc., the better they will be. But that’s not enough. The successful lender at that point has to translate those thoughts into actions.
I’m sorry to say to every lender reading, but wishes won’t cut it these days. In today’s market, innovation and even a bit of re-invention is what’s needed.
About The Author
Tony Garritano is chairman and founder at PROGRESS in Lending Association. As a speaker Tony has worked hard to inform executives about how technology should be a tool used to further business objectives. For over 10 years he has worked as a journalist, researcher and speaker in the mortgage technology space. Starting this association was the next step for someone like Tony, who has dedicated his career to providing mortgage executives with the information needed to make informed technology decisions. He can be reached via e-mail at firstname.lastname@example.org.