Bank of America is using predictive analytics to drive consumer engagement on its digital platform and offer its dealer partners a “true value-add,” Duane Freeman, the bank’s national sales executive of consumer vehicle lending, said at Auto Finance Innovation 2017 last month.
“The customer engagement that we are getting on the digital platform is incredible: 15 million page visits per day and 10 million logins,” Freeman told attendees. “That creates a connection and engagement. I can get smart from a prediction perspective to know when to target them and say, ‘Hey, you are in market for new auto,’ and I can splash an ad up there and drive them to a preferred dealer network,” Freeman said.
For example, the bank can look at the customer’s history with the bank and their banking activity to drive more engagement.
“That then creates a differentiator for us, as we only play in the prime and super-prime space,” he said. “That is a true value add for our consumers and also for our dealers.”
Additionally, Bank of America is “making sure we are sensitive to everything being digitized,” he said. “One of the things we wanted to be sensitive to as we took on this endeavor is that we are not selling the car, all we are doing is giving our consumer an opportunity that want to come to us first for transparency and buying power. Then, we engage dealers that choose to participate by providing them an opportunity to present their inventory and connect those two [consumers and vehicles]. We were very specific in how we built out our design and disclosures.”
Hear more from Freeman about investing in innovation and Bank of America’s new direct lending platform in the video below, the fifth in a six-part video series from Auto Finance Innovation 2017, held last month in San Diego.
