Auto Finance Excellence | Auto Finance News - Part 6

5 strategies to beef up cybersecurity

As financial institutions turn to digital infrastructure for scalability and data processing, the need for a robust cybersecurity framework is more vital than ever. However, defending against a pervasive and hidden threat can be challenging. “Too often we have a narrow definition of cybersecurity,” said Bill DeLong, Security National Automotive Acceptance Co.‘s senior vice president and chief […]

Startup lender reveals strategy to disrupt auto finance [Podcast]

How do you measure risk for consumers without long credit histories in the U.S.? That’s the question Amitay Kalmar confronted when he founded Boston-based Lendbuzz in 2016. Three years later, Lendbuzz is carving out a share of potential auto loan customers by leveraging machine learning and data analytics. The startup lender targets foreign-born residents, such […]

Court decision muddles proposed FDCPA rule

A ruling from the Seventh Circuit Court of Appeals could complicate the Consumer Financial Protection Bureau’s proposed guidelines for the Fair Debt Collection Practices Act as it relates to electronic validation notices, Chris Willis, a partner at Ballard Spahr LLP, told Auto Finance News. “[The decision] is throwing a fly in the CFPB’s ointment for […]

5 lessons to learn from software vendor data breach

According to a June 12 settlement announced by the Federal Trade Commission, back in 2015 an employee of Iowa-based LightYear Dealer Technologies, the parent company of DealerBuilt, plugged in a storage device to the company’s backup network in order to increase storage capacity.  However, the employee failed to ensure that the device was securely configured, thereby […]

How to leverage data and analytics to enhance the customer journey

It’s no exaggeration that the data revolution has transformed just about every industry. How data can be analyzed and used to improve business outcomes is virtually limitless. Properly harnessed, data can help find and rate new opportunities, streamline workflows, identify and reduce risk, predict future trends, and enhance employee engagement. Another big opportunity is improving […]

Sagent Lending Technologies merges auto operations into Defi Solutions

Sagent Lending Technologies‘ auto business will be renamed Defi Solutions by month’s end, when the two companies complete a merger announced today. Together, the companies provide technology solutions and services for lenders across the lending lifecycle, from originations and servicing to lease maturity management, remarketing and analytics, and digital engagement. Sagent also brings to the […]

5 Questions With… Daniel Chu of Tricolor

Five Questions With is a monthly Q&A segment on AutoFinanceExcellence.org that offers a glimpse of what senior industry executives are thinking about outside the boardroom. Read on to find out. Having founded six companies over the past 25 years — including two which have gone public — Daniel Chu considers himself a serial entrepreneur. Now, as […]

What Capital One’s data breach means for auto finance

In the wake of Capital One Financial’s data breach, auto lenders should evaluate ways to tighten up cybersecurity and identify points of vulnerability. The breach compromised 140,000 Social Security Numbers, and 80,000 bank account numbers were made available, according to the bank’s response to the breach. However, the impact might be “somewhat contained,” said Brian […]
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