FORT WORTH, Texas — It’s difficult to be first in market among other lenders in the industry when investing in technology innovation, panelists agreed at Auto Finance Innovation 2016.
“Fast follower is where we are striving to get to, which is a big change for our organization, because we are very used to doing a lot of benchmarking,” Scott Welchons, director and head of Hyundai Digital Camp at Hyundai Capital America, told attendees.
“As much as we probably aspire to be innovative, I think we have to be as quick to adopt things as we see them,” LightStream Business Development Officer Todd Nelson added.
When a company does a lot of benchmarking before investing, they typically are trying to see what their competition is doing, Welchons said. If their competition is already investing in that technology, your company may want to “sit back and wait,” but if you wait too long that technology becomes “fairly aged,” he added.
Check out Welchons’s full response to being a first mover or fast follower when investing in innovation in the video below.
