Computers in the workplace

I have chosen the vehicle lending field as that is what I have been doing for the past 4 years.  Technology is ever growing in all fields.  For the vehicle lending field, it is becoming more common for states to require an electronic title instead of the old fashion paper title.  In order to have access to these electronic titles you must have computer access and knowledge.  This streams from a dealership, lending institution, and service providers.  The way lenders look at the growing states that require mandatory electronic titles is less paper less mess.  The way the electronic titling works is the title work is submitted to the state placing a lien for a specific lienholder.  This could be electronically from the dealership or the old fashion paper filings.  The state then processes adding the lienholder and the state then transmits the title electronically to a service provider of the lienholders choosing.  The lender then has access to the electronic version of the title to view and/or transact upon.  Having the right tools and access to computers is crucial.  Lending institutes also use core database systems which is where they store all their loan data. 

There are currently 24 states that offer electronic titling with the expectation that more will jump on the band wagon in the next 10 years. Lenders will no longer be able to go without the technology and be required to upgrade if they want to continue in the vehicle lending industry.  This will allow lenders to streamline the process and have less staff that would have to manage their titles.

Improvements that are forecasted in the technology industry is only going to help lending institutions to track loan records and titles.  These enhancements will also allow additional states to participate in electronic titling.  This industry is always looking for ways to get vehicles titles faster and more efficient.  In the next 10 years I can see most states becoming electronic, eliminating paper titles to be lost, damaged, or stolen. 

References:

Electronic Lien and Title. (n.d.). Retrieved from https://us.dealertrack.com/content/dealertrack/en/vehicle-title-management/electronic-lien-and-title.html.