SAN FRANCISCO — Implementing artificial intelligence into servicing operations is top of mind for Chase Auto Finance in 2019, Chief Executive Mark O’Donovan said during a panel discussion at the American Financial Services Association’s Vehicle Finance Conference this week.
“We’re definitely looking to robotics and artificial intelligence for repossessions and the servicing space to improve control and efficiency for the back end of business,” O’Donovan said.
The bank is keeping other innovations on its radar, too, like autonomous vehicles and ridesharing. “Tech isn’t a new thing, and technology can’t fix a bad process,” he said. “It’s an enabler to improve the customer experience, dealer experience, and improve how the customer is interacted with.”
Chase Auto is being deliberate in its technology investments. “I look at what processes in the ecosystem we have and think about how technology could reengineer how we think about things,” he said. “The process is a huge opportunity, but the challenge is where do you invest or not?”
For instance, Chase Auto hasn’t allocated money for subscription services because of potential risk concerns, but investment in a subscription model isn’t completely out of the question.
“Subscription pilots out right now are more wholesale,” O’Donovan said. “But just because we don’t do it currently and see the risk doesn’t mean we aren’t going to move with the industry.”
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