3 strategies for lenders to mitigate internal threats to consumer data security

With the enactment of the California Consumer Privacy Act of 2018 and the barrage of copycat legislation in other states, there has been significant focus on consumer data and privacy issues from the vantagepoint of the consumer: what information is collected and how consumers can direct companies what to do — or not do — with that information. While the discussion has largely […]
  • Susan Chylik
  • September 4, 2019
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5 success strategies for consumer lenders in 2020

Investors love growth, and as we approach the longest sustained period of growth in the history of the United States, the business climate has been almost unprecedented. The Dow Jones Industrial Average is hovering around record highs and unemployment is at its lowest level in nearly two decades. These robust economic conditions have supported and […]
  • Daniel Chu
  • August 29, 2019
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Global Lending Services bets long-term success on direct business

Global Lending Services is in the midst of establishing a direct lending business, a move Chief Executive Steve Thibodeau calls “the next gear of [the company’s] growth engine.” While the Atlanta-based auto lender is keeping short-term aspirations in check — Thibodeau said he does not see the direct business as a significant driver of volume […]
  • Bianca Chan
  • August 28, 2019
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5 strategies to beef up cybersecurity

As financial institutions turn to digital infrastructure for scalability and data processing, the need for a robust cybersecurity framework is more vital than ever. However, defending against a pervasive and hidden threat can be challenging. “Too often we have a narrow definition of cybersecurity,” said Bill DeLong, Security National Automotive Acceptance Co.‘s senior vice president […]
  • Bianca Chan
  • August 20, 2019
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What’s a subscription service? [Video]

Netflix, Spotify, and Amazon have the U.S. moving toward a subscription-based economy, and auto financiers are figuring out where they fit in. What does a car subscription service look like? Auto Finance Excellence answers that question in its explainer video, the first in a new animated video series.
  • Nicole Casperson
  • July 22, 2019
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Westlake Financial zeroes in on under-used tech

With autonomous vehicles, machine learning, and Tesla CEO Elon Musk attempting to merge people’s brains with AI (yes, that is a real thing), some lenders are still struggling to get dealers on board with basic tech tools. For Westlake Financial Services’s Mark Vazquez, senior vice president of marketing, the most under-utilized tool in auto finance […]
  • Bianca Chan
  • July 19, 2019
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An inside look at 2 new credit scoring models

Ever since the concept of loaning money was conceived, lenders have been trying to find the ideal way to predict who will pay them back and who will default. Over time, methods for evaluating the likelihood of borrower repayment progressed from individual human judgment calls to more objective credit bureaus and reports. In the 1950s, […]
  • Mark Baltuska
  • July 18, 2019
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Fraud analytics, alt-data reduce risk for nonprime lenders

The ability to identify risk as early as possible in the loan origination process can improve portfolio performance, and lenders focused on nonprime segments have better resources than ever before to reduce loan risk. Early identification of high-risk borrowers can reduce or potentially eliminate defaults. Fraud analytics and alternative credit data — which provides a […]
  • Lana Johnson
  • July 11, 2019
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Sharpening Decisions With Alternative Data [Podcast]

Auto lenders are increasingly relying on nontraditional data as they hone underwriting to gain a competitive edge. Alternative data can open the door to unbanked and under-banked consumers, enabling lenders to extend beyond their typical customer base without assuming too much risk. “[Lenders] have to broaden their mind to incorporate alternative data,” Chuck Berend, senior […]
  • Nicole Casperson
  • May 30, 2019
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