With the support of the right technology and industry experts, lenders can jumpstart the process of discovering patterns, improving their understanding, and evolving their loan portfolio.
The importance of information analysis and use of actionable insights in driving auto lending business decisions was made obvious at this years’ Auto Finance Summit 2016.
Three panels during the two-day Auto Finance Summit 2016 event took both high-level and in-the-trenches looks at big data innovation and decision-making. Kartheek Veeravalli, defi chief product and analytics officer, helped drive the conversation during the “Building a Top-Notch Analytics Venture” panel. Craig Schleicher, senior manager at PWC moderated the panel. Other panelists were Kathy Carter, director of risk, data, and analytics at Wells Fargo Dealer Services, and Jon Moran, director of product marketing at Earnix.
The panel tackled a number of questions surrounding the people, technology, and processes necessary to build out an analytics function that make sense for auto lenders, including these:
- What is your appetite for analytics?
- What analytics tools and technologies do you have in place? Or are you just getting started?
- Is there a department or division within your business that can direct your analytics efforts? Or should you look elsewhere, outside of your organization?
Where once the general rule of thumb was to start with people, define a good process (based on past experience), and choose or build the right technology, a company just starting to grow an analytics team might consider first picking an agile, nimble technology that is both backed by analytics experts and able to grow with the business, and then build a process around it.
The analytical model can be summed up as follows:
With the technology and expert services available today, budget and staff to support the model should no longer be an obstacle. Lenders of all sizes can benefit from knowing what happened and why, and how to effect change within their organizations. And lenders of all sizes can now take advantage of these experts and technological advances.
For more information about the use of data analysis to empower your decision making and give you the competitive edge, contact Kartheek Veeravalli.
defi SOLUTIONS provides configurable loan origination systems, loan management and servicing, analytics and reporting, and a wide range of technology-enabled BPO services. If you’re struggling with the limitations of your current lending technology solutions, take the first step in realizing the benefits of modern technology. Contact our team today or register for a demo.