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BMW Financial Ties Up Partnerships With Fintech Startups, CEO Says

BMW Financial Services is hammering out partnership details with a few of the six startups that participated in its “CollaborationLab” program late last year, President and Chief Executive Ian Smith told Auto Finance News. “We prioritized a couple of the partnerships, and those are in dialogue as we speak,” Smith said without specifying which had […]

AI-Supplemented Underwriting Likely to Bump Up Tricolor Originations

Tricolor Auto Acceptance has seen a lift in origination capabilities since integrating an artificial intelligence algorithm into its underwriting model last month. Chief Executive Daniel Chu expects the algorithm, which hones the company’s customer segmentation abilities, will contribute about 3% of the anticipated 25% origination volume increase expected for 2019. That 3% growth translates to […]

Tricolor Uses AI to Improve Call Center Efficiency

On the heels of launching artificial intelligence algorithms in its underwriting processes, subprime lender Tricolor Auto Acceptance has started testing AI in another area of the business. Chief Executive Daniel Chu said the buy-here, pay-here lender, which focuses on Hispanic car buyers, is using AI in its Guadalajara, Mexico, call center. The niche lender has […]

Volvo Financial Services Tees Up AI, Blockchain at Innovation Lab

Volvo Financial Services is leveraging the start of its iLabX accelerator program to determine “technology disruptors” ripe for investment, Vice President of Global Strategy and Head of Innovation Allen Atchley told Auto Finance News. To start, investments in artificial intelligence and blockchain “are the most interesting to us, especially in the lab context,” he said. […]

How Lenders Should Leverage the Power and Promise of Artificial Intelligence

Technology does not wait for rules or regulations. Artificial intelligence (AI) is no exception. The potential profit associated with fintech speeds up innovation, but it also increases the risk of implementing machine intelligence without assessing potential hazards. Simply put, we do not understand how some machines solve problems with deep learning algorithms. This risk can […]

Santander Uses AI to Triage Cybersecurity Threats

Difficulty pinpointing the source of a data breach is often to blame for the lag between perpetration and detection of fraud, said Santander Consumer USA Chief Information Security Officer Harold Gonzales at AFSA’s Vehicle Finance Conference. “It’s not like we have a dashboard and one big red light goes off and we all chase after […]

How to Leverage Current Machine Learning and AI Tools in Auto Lending

Auto dealers have heard the hype about how machine learning (ML) and artificial intelligence (AI) are going to transform their businesses. Typically, there are usually two binary outcomes that are discussed. On one hand, the promise of the future seems so bright. Instead of relying on intuition and gut feeling, many divisions of their businesses […]

Chase Auto Looks to Boost AI Initiatives, CEO Says   

SAN FRANCISCO — Implementing artificial intelligence into servicing operations is top of mind for Chase Auto Finance in 2019, Chief Executive Mark O’Donovan said during a panel discussion at the American Financial Services Association’s Vehicle Finance Conference this week. “We’re definitely looking to robotics and artificial intelligence for repossessions and the servicing space to improve […]
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