Global Lending Services LLC looks to “push the boundaries of automation” to further increase volume on the heels of doubling originations year over year to $558 million in 2017, Senior Vice President of Information Technology Andy Clements told Auto Finance News.
“Automation is not really about [being] a cost-savings play, it’s about speed, consistency, scalability, and compliance,” he said.
The company is looking to better leverage machine learning — a form of artificial intelligence that allows technology to learn without manual input — to take categorization tasks humans do and provide dealers faster turn times.
For example, the lender already has automation in place to detect missing pieces in auto loan applications and to catch “certain types of weird paystubs,” Clements said. “We already have quite a bit of automation on the funding side, but we are looking to continue to push the boundaries — not with a goal of removing the human, but with the goal of focusing humans on where we need them most,” such as customer service and other areas of the operation.
Clements will present a session entitled “10 Innovation Ideas for 2019” at Auto Finance Innovation 2018, which will feature blockchain implications for auto finance, unique ways to leverage location data, novel payment tools, and other innovation ideas.
Additional sessions include trends in direct lending, navigating the mobile environment, ownership models: subscriptions and beyond, and more. To view the full agenda, click here.
Auto Finance Innovation is slated for March 7-8, at the Parc 55 San Francisco. For information, or to register, visit autofinanceinnovation.com.
