ZoZoCoin Whitepaper

Abstract

Digital transformation has continued to inuence the banking industry in a big way. It is evident from the
recent IDC Financial Insights survey that one-third of the IT budget of US banks are dedicated to achieving
digital transformation in the next ve years. Technology is at the forefront, shaping the industry and enabling it
to meet the needs of the clients. The mortgage industry is witnessing a signicant transformation with the
increase in the number of nontraditional lenders who account for 37 percent of mortgage originations in the
US. Such nontraditional lenders are not bound by geographical restrictions or a brick-and- mortar network.
Reports from Fannie Mae indicate that only ve of the top 20 mortgage originators in 2006 are still active in
today’s mortgage market. In order to stay relevant to clients and survive in the market, mortgage lenders need
to reorient themselves and look at ways and means to accelerate mortgage processes, thereby reducing the
mortgage turnaround time. Currently, it typically takes 50–53 days to close a mortgage loan with timelines
being primarily driven by countless processes and numerous players that a typical mortgage application
passes through.

Automation is already a known facet of the banking industry, but it is limited more towards automating
some of the routine tasks within the same system. To take things further, mortgage lenders can look at robotic
process automation (RPA) to assist them in their journey towards achieving excellence. By adopting RPA,
lenders could replicate what a human being does as part of any routine process, guided by a set of rules
without any limitation on the type or nature of the associated system. Such software robots could access the
loan origination system, open a word document / spreadsheet, and send emails with Outlook to perform a
process, as long as it is well-dened VIA SMART CONTRACTS.

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ZoZoCoin Whitepaper

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