Efficiency Boost for Real Estate Valuation at Kitakami Bank with New Systems

Enhancing Efficiency in Real Estate Valuation

Kitakami Bank, known for its commitment to modernization and efficiency, has taken a significant step forward in its real estate appraisal operations. The bank, located in Morioka City, Iwate Prefecture, recently adopted two groundbreaking cloud services developed by Homes Inc.: the Online Registration Information System and the Automated Real Estate Valuation System. With these innovations, Kitakami Bank aims to enhance its operational efficiency and improve service delivery in real estate assessments.

Addressing Existing Challenges

In its previous operations, Kitakami Bank encountered several challenges in its real estate collateral valuation activities. The main issues faced were:

Headquarters Challenges

- Workload: The process involved extensive data entry and verification tasks, which often included correcting mistakes in valuation request forms submitted by branches. This not only consumed valuable time but also led to frustration among personnel.
- Insufficient Expertise: There was a noticeable lack of specialized staff capable of conducting evaluations, especially as experienced staff members retired, taking with them valuable knowledge crucial to maintaining consistent quality in evaluations.

Branch Challenges

- Time-consuming Data Collection: Gathering the necessary information required to prepare valuation request forms was time-intensive and cumbersome.
- Lack of Familiarity: New and inexperienced staff members found it challenging to navigate the appraisal process, making it hard for them to develop the required skills effectively.

Recognizing these challenges, Kitakami Bank sought to implement the Online Registration Information System and the Automated Real Estate Valuation System to streamline and automate substantial parts of the appraisal process. While certain formal appraisals still require human intervention, these cloud services significantly reduce the workload of data collection and manual entry, leading to more efficient operations and ensuring high-quality evaluations across the board.

Furthermore, the transition to these digital systems eliminated the need for paper correspondences via internal mail, promoting a more eco-friendly approach to operations.

Selection Criteria for the New Systems

The decision to implement these systems stemmed from several key factors:

- User-Friendly Design: Acknowledged for its user-friendly interface, the systems were designed to minimize manual input, allowing even less-experienced employees to perform evaluations confidently.
- Accuracy and Consistency: The systems were tailored to reflect Kitakami Bank's evaluation guidelines during development, which means that the evaluations generated are in alignment with the bank's internal standards, ensuring high accuracy throughout the evaluation process.
- Significant Time Savings: The entire valuation process has been condensed into four essential steps, with the systems handling the majority automatically. Tasks that previously took several business days now take less than five minutes, drastically reducing the waiting time for appraisal results at branches, thus prompting quicker responses to clients.

Insights from the Bank's Assessments Department

Kazuyoshi Iguzawa, a senior investigator at the bank's examination department, shared his insights regarding the adoption of these new systems. He recognized that the appraisal segment of the institution had become somewhat ritualized, necessitating modernization through cloud-based systems. He expressed gratitude for the collaboration with Homes Inc., emphasizing that the new systems enhance productivity in gathering registration details and evaluating collateral properties efficiently.

Given the smaller teams at the headquarters and the challenges of knowledge transfer, the new systems have been instrumental in facilitating a smoother appraisal process despite staff reductions. Iguzawa pointed out the meticulous detailing of the bank's evaluation guidelines, which Homes Inc. successfully incorporated into the system, enhancing their understanding of the existing standards.

Future Aspirations

Looking ahead, Kitakami Bank aims to integrate the output from the Automated Real Estate Valuation System directly into subsequent collateral evaluation systems. This automation goal seeks to create a completely integrated workflow that eliminates manual entries entirely, marking the transition towards a next-generation appraisal operation.