Impediments of adoption
While the mortgage industry sets aim at artificial intelligence to facilitate a better process, its adoption is not without hurdles. Attendees at DigMo cited a variety of constraints as their organization’s greatest challenge in delivering AI capabilities. Technology constraints led by less than a percentage point, followed closely by a lack of financial resources and willingness to invest. Other popular impediments were talent gaps and execution challenges.
Weighing the worth
Because a quarter of attendees pointed to financial resources and willingness to invest as an impediment to AI adoption, it’s not surprising that the majority said they plan to spend under $1 million on AI in 2020. But 20% did report they will invest $1 million to $5 million next year, and 3% even put that figure over $25 million.