The Benefits of Artificial Intelligence in Auto Lending

We are inundated with discussion about how new technologies promise to change the way that we do business and live our lives. Yes, many of these proclamations offer rhetorical flourish and grand visions. That said, there are new technologies available and startups that are maximizing these technologies to transform the auto industry — even today. […]

ZestFinance Makes Machine Learning Tools Available Via Microsoft Cloud

Lenders using ZestFinance Inc.’s technology can now use Microsoft’s cloud-based Azure platform rather than their own servers to analyze machine learning models. “Testing and training machine learning models is a very compute-intensive task,” said ZestFinance founder and Chief Executive Doug Merrill. “Being able to tap Microsoft’s Azure cloud allows customers using Zest tools to train […]

Tricolor Adds AI to Expand Risk Scoring Capabilities

Used-car retailer Tricolor, working with partner Phenx Machine Learning Technologies, said this week that it is adding artificial intelligence to its underwriting system. The strategic partnership is a move for Tricolor to increase financial inclusion for its buy-here-pay-here consumers, Chief Executive Daniel Chu told Auto Finance News. By leveraging Phenx’s AI-enabled algorithm, Tricolor can automatically identify […]

Federal Reserve Urges Regulatory Oversight of AI for Financial Services

As auto lenders increasingly turn to technology to better their businesses, the Federal Reserve is evaluating the regulatory role the agency will play with regard to artificial intelligence, Fed Gov. Lael Brainard said Tuesday during a fintech conference in Philadelphia. “We are working across the Federal Reserve System to take a deliberate approach to understand […]

Westlake Financial Integrates AI Anti-Fraud Solution

Westlake Financial has enlisted the services of PointPredictive, an artificial intelligence-enabled risk management and anti-fraud solution. Westlake will use the scoring solution – called Auto Fraud Manager – to identify misrepresentation and prevent delinquency on high-risk applications. The risk engine is based on an algorithm that is trained with each new lender’s data set. More […]

Prestige Financial Doubles Originations With AI-Assisted Underwriting

Subprime lender Prestige Financial Services is using artificial intelligence-powered credit scoring model ZestFinance to grow its origination volume without increasing losses or taking on additional risk, Steve Warnick, chief credit and analytics officer at Prestige Financial, told Auto Finance News. “During the 2015-2016 timeframe, we were dealing with escalating losses and trying to figure out […]

New Research Reveals Consumers Prefer Traditional Payment Options

It’s an exciting time for innovation in the payments industry, with new artificial intelligence (AI) and mobile technologies and tools emerging every day to make the bill pay process faster, easier and more convenient for consumers. However, according to Speedpay® Pulse, a consumer billing and payments trends survey of 3,000 U.S. adults responsible for two […]

Technology’s Impact on the Human Element in Auto Lending

Chatbots. Artificial intelligence. Voice prompts. Phone trees. Digital avatars. Truly, technology is advancing at a rapid pace, especially in the retail automotive lending space. One example is the use of automatic approvals to increase loan volume in the dealership. Will technology sound the death knoll to human interaction in the lending office? Or, will it […]
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