US Bank targets partners for mobile enhancements

U.S. Bank is exploring potential partnerships to boost the bank’s mobile capabilities as it looks to bring in more customers and enhance the value it provides to dealers, John Hyatt, president of dealer services, told Auto Finance Excellence. “We will continue to see advancements in technology that will allow more of our transactions to be […]
  • Bianca Chan and Joey Pizzolato
  • July 26, 2019
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House Financial Services Committee urges oversight of alt-data

The use of alternative data by lenders could expand access to credit to more than 40 million consumers. Likewise, banks and credit unions are using alternative data to fight fraud and provide faster access to funds. However, regulatory uncertainty surrounds the use of alternative data in making lending decisions, according to the U.S. House Committee on Financial Services’ Task Force on Financial Technology. […]
  • Nicole Casperson
  • July 25, 2019
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Ally boosts Instagram engagement 60% with interactive campaign

Ally Financial is jumpstarting its Instagram presence with a campaign designed to make discussing finances within relationships easier. Already, the lender has grown its Instagram followers 60% since the spring launch of Confessiongrams, as the campaign is called. Positive feedback and engagement prompted Ally to extend paid support on the campaign further, running until Thursday. […]
  • Bianca Chan
  • July 23, 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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Compliance considerations when buying and selling customer leads

As an auto lender, you’re likely aware of the due diligence required when purchasing consumer leads. Lenders must exercise the same diligence when referring — or selling — declined leads downstream. Purchasing customer leads via referral programs has adapted as technology has allowed online lenders to communicate instantaneously with potential customers. Due to the nature […]
  • Dustin Alonzo
  • 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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Social media do’s and don’ts in auto finance

Engaging with prospective and current consumers through social media channels is becoming a topic of increasing interest in the auto finance industry, but many questions remain when it comes to how — and in which channels — lenders should spend their time. Saloni Janveja, executive director of social media and marketing innovation at Ally Financial, […]
  • Joey Pizzolato
  • July 16, 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
  • 0
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