Most analytics projects that lenders attempt to implement don’t meet expectations, Jim Bander, manager of decision science at Toyota Financial Services, said during the Center for Auto Finance Excellence’s latest webinar: Using Behavioral Analytics to Bolster Performance.
During the webinar, Bander shares five lessons learned from when TFS implemented a behavioral analytics-based program aimed at boosting collections performance.
The Collections Treatment Optimization program, implemented in August 2014, was a “big win for Toyota,” Bander said, and made millions for the company. The program has also helped to keep 1,700 more people as drivers in a Toyota, Lexus, or Scion vehicle, than if the company had not done the project, he added.
An analytics-based program can help cut costs, improve efficiency, and anticipate changes in market condition, among other things, Bander said.
The latest webinar is the third in our four-part, 2016 series of webinars and is presented by the Center for Auto Finance Excellence through the generous support of Fiserv and DataScan. A complete recording of the webinar, with further advice from Bander or visit www.autofinanceexcellence.org to hear this, as well as previous webinars.
For more auto finance insights like this, register for the upcoming Auto Finance Summit, October 5-7 at Bellagio Las Vegas. Visit www.AutoFinanceSummit.com for more information.