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Safco Integrates Chat, Omnichannel Payment Features

Southern Auto Finance Co. is leveraging new communication strategies to bolster customer support, Chief Executive George Fussell told Auto Finance News.   The Fort Lauderdale, Fla.-based lender launched chat capabilities on its website last month to direct and address customer inquiries. Currently, customer service representatives manage the chat feature, but Fussell noted that machine learning […]

Auto Finance Summit 2019 Registration Opens With New Agenda

Auto Finance News is proud to announce that the Auto Finance Summit 2019 registration and agenda are now available on AutoFinanceSummit.com. The 19th annual event will take place October 28-30 at the Bellagio Las Vegas. Registration can be submitted here.  It’s a revolutionary time for auto finance, as technological innovations are making waves in the industry. Meanwhile, lenders are working to stay ahead […]

Tricolor’s Machine Learning Tech Is Reducing Its Reconditioning Costs

SAN DIEGO — The machine-learning technology deployed by Tricolor Auto Acceptance has cut its vehicle reconditioning costs, Chief Executive Daniel Chu said during the Auto Finance Innovation Summit here on Wednesday. Tricolor provides the reconditioning centers that service its chain of retail dealerships with technology that determines the most cost-effective source of car parts. The […]

New MBFS Sales Exec Zeroes In on Tech Innovation

Mercedes-Benz Financial Services USA plans to use artificial intelligence and machine learning to further adapt to the industry’s “online evolution,” newly appointed Vice President of Sales and Operations Mark Lovely told Auto Finance News. Though traditional auto finance will remain a part of the business, Lovely is on the lookout for “new and exciting developments […]

Auto Finance Innovation Summit Delves Into Analytics-Enabled Tech

Nagesh Jaladi, vice president of applied predictive technologies at Mastercard, has joined the speaker faculty at Auto Finance Innovation Summit to share how lenders can successfully leverage and evolve analytic capabilities. Jaladi will offer insights into how captive and non-captive lenders are innovating through analytics, best practices for overcoming organizational and operational constraints to try […]

Veros Credit Turns to Machine-Learning Fraud Solution

In an effort to combat fraud, Veros Credit has adopted PointPredictive’s machine-learning fraud scoring solution, Auto Fraud Manager. The onboarding process — which typically lasts anywhere from three to six months, depending on the lender — was completed earlier last week. “We do a lot of work to educate lenders on the problem of misrepresentation […]

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 […]

Wells Fargo Turns to Machine Learning for Collection Insights

Wells Fargo Auto is looking beyond credit decisioning models for machine learning applications. Specifically, the company employed “sentiment analysis” — an automated process of understanding opinions from written or spoken language — for collections. “One thing I was surprised to see is that through natural language recognition and sentiment analysis, it was very easy to […]
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