What nonbank lenders are automating in 2023, according to OpenBots

The current down cycle is making lenders re-evaluate their current and future tech investments and as a result, many initiatives have been set aside until the market recovers.

One exception to that, however, is investment in automation, viewed by many lenders as a means of reducing costly manual work.

Openbots, an end-to-end enterprise-grade robotic process automation platform, is one of the companies offering such services to numerous industries, including healthcare, insurance, banking and mortgage. The Edison, New Jersey-based company has raised about $20 million from private investors since its founding in 2020. And lately, they’ve been busy.  

National Mortgage News sat down with Gabriel Skelton, director of banking, mortgage and insurance automation solutions at OpenBots, to discuss what automation products mortgage lenders are seeking, how the cyclical nature of the mortgage industry has impacted business, and why robots won’t be (completely) replacing humans any time soon. 
This interview has been edited and condensed.