During the past ten years, lenders have focused on improving data-driven technology on the origination side, yet that same technology hasn’t been as actively applied to the servicing and collections side of the auto finance business.
“Naturally, the focus has always been on the front end in using technology to help streamline the process to make it easier for customers to access lines [of credit,” Simon Scalzo, founder of Remitter, a receivables management platform powered by artificial intelligence, told Auto Finance News.
“Now with margins starting to tighten for both prime and nonprime lenders and more accounts falling past due, we’re seeing this trend shift to using data and AI to really drive an efficient servicing and collection strategy,” Scalzo said.
In this episode of “The Roadmap,” and in anticipation for Remitter’s participation in the fourth annual DEMOvation Challenge at the Auto Finance Innovation Summit in San Diego next month, Scalzo sat down with AFN to discuss how consumer data is collected, strategies for communicating with customers and compliance considerations when implementing new tech.
