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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Fighting fraud with fintech

To counter the continued rise in fraud, auto lenders of all sizes are counting heavily on risk management and loss mitigation. For small lenders, risk management may be the part-time responsibility of one employee. Banks, captives, and credit unions may devote an entire team to the endeavor. However, the degree of diligence devoted to risk […]
  • Lana Johnson
  • June 24, 2019
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How SNAAC, Turner Acceptance Are Tackling Tech Integration Challenges

As lenders advance in their digital transformations, integration hurdles are popping up with higher frequency. Lenders are being pressed to quickly diagnose problems, identify solutions, and secure buy-in across the organization to implement their plans efficiently. That’s the upshot from the latest webinar hosted by Auto Finance Excellence. Tune in to the complete recording of […]
  • Nicole Casperson
  • June 12, 2019
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2 Critical Strategies to Cultivate Innovation

As the auto finance industry continues to migrate into the digital landscape, lenders are feeling the pressure to create a culture of innovation to stay ahead of the curve. How can lenders implement that mandate? Tricolor Auto President and Chief Operating Officer Don Goin and CarFinance Chief Technology Officer Doug Nottage tackled this conundrum at […]
  • Bianca Chan
  • June 5, 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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Tricolor Uses Innovation, Technology to Drive Customer Experience 

At Tricolor Auto Acceptance, technology drives the goal of delivering seamless, sustainable financial products across dealerships and digital channels, President and Chief Operating Officer Don Goin told Auto Finance Excellence. “Our business strategy is hyper-focused on the customer experience relative to financial inclusion,” Goin said. “Part of this strategy is the prioritization of product development […]
  • Joey Pizzolato
  • May 17, 2019
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Mobility Matters in the Auto Lending Process

The volume and variety of innovative commerce transactions available on mobile devices continues to grow. Younger generations — millennials and Generation Z — live with mobile devices. The gradual adoption of 5G networks will substantially enhance the speed and functionality of all things mobile — along with higher expectations from millions of users. To remain […]
  • Lana Johnson
  • May 16, 2019
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How Lenders Can Strengthen Dealer Relations With Technology

Restrained auto sales growth, millennial reluctance regarding vehicle ownership, and ridesharing are changing demand and increasing competition. Savvy lenders are adapting to these trends with technology while establishing and solidifying dealer relationships to generate lending opportunities. Two types of technology are especially important for solid dealer relations. No. 1 is integration with dealer management systems, […]
  • Lana Johnson
  • April 22, 2019
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Navy Federal to Strengthen Mobile App as Consumer Preference Evolves

Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence. In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its […]
  • Bianca Chan
  • April 19, 2019
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