SunTrust Dealer Finance is enhancing its customer experience strategy as it looks to build more efficiency into the auto lending process.
To start, SunTrust is “expanding” its client experience when it comes to online versus in-person channels, said Chuck Jones, head of national indirect lending. Already, the bank has increased automation to reduce turnaround time.
“We changed our entire funding process to get decisions four to five hours sooner, and we’re trying to push e-contracting so dealers get money and customers get cars faster,” Jones said.
Up next for SunTrust is an update to the bank’s auto loan origination system, though Jones declined to share a timeline for the project. In addition to SunTrust’s tech initiatives, the bank has realigned its operations team to serve dealers more nimbly.
Specifically, the bank hired more underwriters in Texas to better service its largest market, he said. “We have also added more automated tools on fraud prevention and have revamped our products based on feedback from dealers that have been well received,” Jones added.
