Alternative data is one way auto lenders can grow their business and reach a different set of consumers.
Tricolor Auto Acceptance uses artificial intelligence to collect more than 100 non-conventional attributes from each of its thin- and no-file applicants in order to identify patterns and generate leads for potential buyers, Chief Executive Daniel Chu said during the Auto Finance Innovation Summit. As a result, the lender has originated more than $1 billion in auto loans to underserved Hispanic borrowers.
During his session at the summit, Chu discussed how auto lenders can establish a digitally driven experience while empowering consumers. The Auto Finance Innovation Summit was held virtually; watch Chu’s full on-demand session here.
Auto Finance Risk Summit, the premier event for risk and compliance in auto finance, returns May 11-12, 2021 as a virtual experience. The virtual experience will offer the quality networking and education of past events, all through an online platform. To learn more about the 2021 event and register, visit www.AutoFinanceRiskSummit.com.
