Alan Giancaterino is always ready with a metaphor.
“When you’re building technology for the purposes of processing, you’re really building a pitching machine,” the executive vice president of sales and marketing with Docupace Technologies told ThinkAdvisor at the TechLeaders 2015 conference in Dallas on Friday. “But you have to have a catcher on the other end.”
And that, he said, is a major reason for the slow (sometimes frustratingly so) adoption of straight-through processing in the financial services space.
“So many people treat the symptoms, not the wound,” he added. “You can’t just sign up for e-signature. It has to be part of an overall STP initiative, or the adoption will be low.”
Another obstacle, he noted, was the lack of uniformity in state regulations.
“Docupace is driving innovation and change in the space; we’ve taken on that role. We recently hosted a conference call with the attorney generals of 38 states on the subject of straight-through processing. They were extremely thankful for the education. Everyone is familiar with it on the consumer side, but there still lags a coordinated effort by the industry at the state level, where much of this is governed. Look at the insurance industry which is prime for STP; it’s regulated by the states.”
Giancaterino argued that the industry is sick and broken, but doesn’t know it because it’s still making money.