Innovation & Technology | Auto Finance News - Part 4

US Bank targets partners for mobile enhancements

  U.S. Bank is exploring potential partnerships to boost the bank’s mobile capabilities as it looks to bring in more customers and enhance the value it provides to dealers, John Hyatt, president of dealer services, told Auto Finance News. “We will continue to see advancements in technology that will allow more of our transactions to […]

BMWFS to leverage US Bank resources in new co-brand agreement

BMW Financial Services is leveraging U.S. Bank's resources to launch a co-branded credit card in January 2020, a move that will enable the captive to concentrate on the auto industry "rather than act as a bank," a U.S. Bank spokeswoman told Auto Finance News. As a part of the agreement, U.S. Bank will acquire BMW Bank's […]

Newly minted Daimler Mobility to focus on ride-hailing

To coincide with its rebranding to Daimler Mobility AG, the captive lender formerly known as Daimler Financial Services intends to continue expanding its mobility services, with an emphasis on ride-hailing, Harald Wilhelm, member of the board of management for finance and controlling and Daimler Mobility, said during the company’s second-quarter earnings call. Daimler Mobility will […]

Ally boosts Instagram engagement 60% with interactive campaign

Ally Financial is jumpstarting its Instagram presence with a campaign designed to make discussing finances within relationships easier. Already, the lender has grown its Instagram followers 60% since launching Confessiongrams, as the campaign’s called, in the spring. Positive feedback and engagement prompted Ally to extend paid support on the campaign further, running until Thursday. To […]

What’s a subscription service? [Video]

Netflix, Spotify, and Amazon have the U.S. moving toward a subscription-based economy, and auto financiers are figuring out where they fit in. What does a car subscription service look like? Auto Finance Excellence answers that question in its explainer video, the first in a new animated video series. Click here to check it out. 

Westlake zeroes in on under-used tech

With autonomous vehicles, machine learning, and Tesla CEO Elon Musk attempting to merge people’s brains with AI (yes, that is a real thing), some lenders are still struggling to get dealers on board with basic tech tools. For Westlake Financial Services’s Mark Vazquez, senior vice president of marketing, the most under-utilized tool in auto finance […]

Bank of America’s direct lending portal gains traction

Bank of America’s technology initiatives continue to gain traction with consumers, according to second-quarter earnings filed with the Securities and Exchange Commission. The bank's online portal drove 60% of direct auto loan applications, up from 55% back in February. Meanwhile, Bank of America’s AI-driven banking assistant, Erica, has experienced an increase in users, surpassing the […]
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