Why should auto loan originations get all the AI love?

After all, the payments portion (say that three times fast) is the engine that drives all of auto finance.

And the payments parts of the process (ok, we’re done with tongue twisters now) have been the most neglected segment.

But we see you, auto finance servicing teams!

It’s time to put AI to work to relieve you of the frustrating and repetitive parts of your job too.

Why we started putting AI to work in originations first

Early parts of the auto finance process were ripe for intervention from artificial intelligence. AI excels at repetitive tasks and the kind of precision and pattern-finding people often find frustrating or difficult.

So we started with originations, looking to AI to bolster efficiency and decision-making.

We use AI algorithms for automated credit decisioning, analyzing extensive datasets to assess the creditworthiness of applicants based on traditional and alternative data sources.

This workflow results in more accurate risk evaluations and predictive analytics that forecast the likelihood of default or late payments, aiding lenders in making informed choices.

But what about the rest of the auto finance?

So with auto loan origination folks relieved of their rote tasks, where’s the love for loan servicing and payments?

Even if your team is driving migration with omnichannel communications and self-service options, there are plenty of opportunities to put AI to work without putting your team out of work or forcing customers to interact exclusively with chatbots.

Auto financing is a people business

Your customers' auto loan is probably their second largest expense after housing, so it's literally a big deal to them.

Add to that the way people's identities are often tied to their cars and the fact that it is central to their ability to work, and unlike lots of other financial obligations, like credit cards, you're dealing with a big emotional investment as well as a financial one.

Your customers don't want to be passed off to a chatbot for something that important.

AI is great for what it’s great at, but sometimes you just need to talk to a person, you know?

How to bring AI to auto loan servicing

There’s the puzzle: bringing AI to auto finance servicing without losing the human connection.

It starts by targeting common inefficient payments workflows. 

By shifting the way your teams work, you can improve customer service representative productivity and job satisfaction, accelerate traditional manual processes, and see boosts to payments and revenue.

We can start by targeting inefficient workflows with AI solutions, like:

1. Automating conversation summaries
2. Improving QA and compliance audits
3. Supporting agent training and reducing ramp time

And now things get really interesting

Because the right AI for your team is trained on financial conversations like the ones you have every day, it’s got an expertise that you can use.

In the same way we’ve put AI to work examining historical data to streamline, you can use it to analyze every customer conversation for intelligence that can transform your business.

Because customers tell you about their financial lives when you communicate with them - via phone, email, text, or chat - you can use those details to manage individual accounts and strategize across them.

Here’s just a sampling of what you could do with AI on your servicing team:

• Optimize communications by learning which messages, channels, and times are the best to contact customers
• Customize payment plans based on common life events
• Find patterns in delinquent accounts so you can spot the warning signs and act before it comes to repossession or surrender
• Accurately identify and capture complaints so you can develop self-service tools to address customer concerns
• Capture customer sentiment to evaluate their intentions for everything from payment to switching lenders

The list is endless. So buck up, auto finance servicing teams. Your time to join the auto finance revolution is now.

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