defi INSIGHT

Insights into Modern Lending

 

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In recent years, the US has experienced a growing economy, low interest rates, and a downward unemployment trend. Auto lending, on
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Unprecedented technological advances in the last decade have sparked great efficiencies in the auto industry. Design, prototyping, and manufacturing techniques, as
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Over the last decade, banks and credit unions, have adopted mobile and web technologies with unprecedented, and in some ways unanticipated,
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Technology: Does it help or hinder society? From a personal perspective, there’s nothing to debate. Daily, we enjoy the benefits of
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Let’s begin with this top-of-mind, worrisome auto finance industry trend: After years of growth, auto sales are declining. It’s a tough
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Whenever I fix something at home, I gather everything I’ll need to make it happen: tools, supplies, instructions—the lot. Sometimes I
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Tension and uncertainty created by the CFPB's 2013 Indirect Auto Lending Bulletin evaporated April 18, 2018, when the US Senate voted
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Declining auto sales and fewer loan opportunities are increasing competition among lenders. In these challenging market conditions, improving lending and operational
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2018’s big auto finance news is that the US House and Senate voted to repeal the CFPB decree on auto-loan financing.
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You can’t go a day without the benefits of automation. From better-quality automobiles to robotic picking and packing at Amazon warehouses
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Pretend your current loan origination system is an automobile. How would you describe it— antique, clunker, ready for recycling, gas hog,
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If you haven’t updated your legacy lending system in a while, or are looking for something better, you’re in the right
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The true value of gathering and storing data from an ever-increasing number of sources is our ability to gain insight from
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Cloud computing has been around for more than a decade. It has changed the way that software is developed, delivered, consumed,
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Either you’re compliant or you’re not. In the long run, achieving compliance is the easier choice, but it does require accurate
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How will the second half of 2018 play out for auto lenders? Will tariffs, trade wars, higher gas prices, rising interest
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Hybrid cars don’t use any gas going downhill, so their drivers often coast as long as possible, increasing their overall mileage.
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What degree of lending risk are you willing to tolerate? You probably ask yourself this daily.  Your answer varies with the
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How do you balance the demands of operating an efficient and profitable lending business while complying with increasing regulations? The Truth
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Auto lending regulations are the result of consumer advocates, industry lobbyists, and government officials proposing, negotiating, and compromising to bring about
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What’s in it for me? That’s a legitimate question for every lender to ask when evaluating the features, capabilities, and benefits
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Today’s robots and long-gone steam engines have something in common: Automation. The essence of automation is the replacement of a manual
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Credit unions are experiencing a surge in auto lending. That was one of the pieces of good news for auto loans
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If you’ve been in the auto lending business for any length of time, you’ve captured or created volumes of applicant, borrower,
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How easily can you make modifications or customize your loan management system to meet current (and future) lending needs? It should
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The auto lending process—applications through final payments—creates volumes of valuable applicant, borrower, process, and portfolio data for lenders. When auto lending
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Risk is an inherent part of the auto lending industry. Initially, risk was almost exclusively associated with the criteria and policies
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How worried should you be about current auto lending market and delinquency trends? Subprime auto loan delinquencies have been on the rise
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The concept of workflow has been around for decades. The assembly line instituted by Henry Ford was the shining example of
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A regular practice of auto loan portfolio risk assessment allows lenders to continually evaluate and adjust their credit policies in response
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It should be easy to comply with the Truth In Lending Act (TILA), more commonly referred to as Regulation Z (or
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With auto sales in decline in 2018, lenders are looking for options to build a profitable portfolio. There’s always the temptation
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The Kansas City Federal Reserve’s MAIN STREET VIEWS Policy Insight Auto Loan Delinquency Rates Are Rising, but Mostly among Subprime Borrowers
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Auto loan delinquency rates will always be a challenge for lenders, who must balance acceptable risk with profitability. As an indicator
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A comprehensive auto lending risk management strategy addresses every phase of the lending cycle from applications through servicing. Regular analysis of
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Experian’s State of the Automotive Finance Market - A look at loans and leases in Q2 2018 provides an excellent, easy-to-digest
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The headline of the Federal Reserve Bank of Kansas City’s Macro Bulletin summarizes the Q2 2018 auto loan delinquency statistics: Auto
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Modern lending solutions take advantage of the latest fintech capabilities to help you assess and effectively manage risk throughout the lending
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How concerned should you be about 2018 auto loan delinquency rates? The answer depends on your credit policies, their effect on
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An ever-increasing number of business transactions are conducted via mobile devices. Statistics from Cyber Monday 2018 indicate more than a third
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Per Automotive News, 2018 vehicle sales, with few exceptions, continue to disappoint. There are many reasons for the sales plateau. The
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Banks, credit unions, and fincos with auto lending operations can improve efficiency and reduce costs by replacing paper documents with digital
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The combination of cloud, wireless, and mobile technologies have created consumer expectations of convenient commerce. Business transactions that once could only
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Anyone with years of experience in lending knows paperwork has become voluminous as a result of new regulations. Paperwork is a
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Advances in fintech bring ever-greater efficiency to the auto purchasing experience. Cloud, mobile, and the wealth of automotive information available via
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Only a fraction of banks, credit unions, and fincos use the full power of auto lending analytics to their advantage. Legacy
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Maintaining regulatory compliance requires a focused and continued effort. Lenders need to understand frequently-changing federal and state regulations and translate them
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Big data and analytics are transforming every process- and data-intensive industry. Organizations that fail to recognize the value (and the necessity)
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The rise of big data is transforming how organizations plan, manage, and evaluate their businesses. Auto lending is no different. Data
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If you’re a lender with a legacy auto lending solution, you likely know you should upgrade to one with integrated auto
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In a competitive auto lending market, what gives you the greatest advantage in capturing more auto loans and growing your portfolio?
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Anti-theft technology has reduced the incidence of traditional auto theft. So thieves have shifted to auto lending fraud. If you want
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While fraud has always been a problem with auto loans, technology is making it easier to get a steal of a
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What percentage of the auto loan applications you received this month intentionally misrepresented information about the borrower, vehicle, or dealer? How
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You’ve processed hundreds to thousands of auto loan applications this month. Some lending decisions were near-instantaneous—auto approval and auto declines—aided by
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It’s the last day of the month. The dealer’s numbers are good, but one more deal would make it a record
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The most painful way to learn about auto loan straw buyers is to become their fraud victim. According to PointPredictive, straw
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If your loan origination software (LOS) runs on servers located in your facility, annual licensing and maintenance costs are increasing, and
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  With auto sales having peaked in 2017, lenders need every advantage to stay profitable. The industry is also adjusting to
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Delinquency and default rates remain relatively stable, according to a recent Experian report. While that may be comforting news, it’s also
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Four growing trends, driven by technology and millennial usage and behavior, are depressing vehicle ownership, and, consequently, auto financing. Uber and
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  The Transunion Q4 2018 Industry Insights Report describes a relatively smooth road ahead for the Canadian credit market in 2019.
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U.S. News and World Report succinctly contrasts the pros and cons of buying new vs. used cars. In today’s auto market,
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With 17 million vehicles sold in 2018 and 16.8 million new cars and light trucks predicted in 2019 by NADA (now
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According to U.S. Census Bureau population projections, millennials are expected to overtake Baby Boomers in 2019 as the younger group’s population
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We’ve met a lot of lenders in this situation: Their legacy loan origination system has become too pricey to maintain. It
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Fintech innovation is reshaping auto financing into a streamlined customer experience, as Boston Consulting Group (BCG) notes in Staying Ahead as
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When’s the last time you thought about your credit bureau data? If you’re like most auto lenders, you usually don’t have
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  J.D. Power reports that nearly 84% of new-vehicle buyers in 2018 arranged financing through a dealership. For lenders, that underscores
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  You can draw immediate conclusions from a credit score, especially scores at extreme ends of the credit scoring range. Easy
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  Outstanding auto loan debt reached $1.27 trillion in the final quarter of 2018. Earlier this year the New York Fed
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The major credit bureaus now provide lenders with trended credit data reports to complement traditional credit scores. This gives lenders greater
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The major credit bureaus now provide lenders with trended credit data reports to complement traditional credit scores. This gives lenders greater
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A trended credit data report paints a more accurate picture of a borrower’s financial position by detailing their spending habits and
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Auto finance analytics are usually the domain of specialists schooled in the finer points of finance and advanced statistics. Some specialists
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Q: Are long-term auto loans a bad idea? A: It depends on who you ask. If you ask borrowers, they can
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J.D. Power’s 2018 U.S. Consumer Financing Satisfaction Study, cited in Automotive News, highlighted the value and benefit of easy-to-use mobile apps.
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Fraud has many faces. Auto dealer loan fraud isn’t as frequent as income, employment, or identity fraud by individuals and fraud
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Automation is continually improving auto lending process efficiency, along with the quality and consistency of lending decisions. Replacing manual, mundane tasks
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If you can’t remember when your current auto lending platform was originally implemented, it’s probably time to consider an upgrade. Technological
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Advancements in fintech are transforming loan origination into an increasingly-automated process. Loan applications are now often turned into booked loans with
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For many lenders, credit risk management depends on years of experience. Their credit risk expertise is a mix of shrewd loan
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Large lending institutions often have personnel dedicated to analytics. These professionals have backgrounds in statistics, knowledge of SQL query language, and
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Mentioned in the context of a technology discussion, disruption invariably means innovation. The world of finance is undergoing disruption, and as
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Information technology (IT) has transformed the way modern lending works. Fincos, banks, and credit unions have access to more lending solutions
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As of this writing, there’s no pending recession, though there’s frequent speculation of a downturn, perhaps in 2020. When that downturn
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Salesforce has developed a lending solution built on its CRM platform. Financial services providers that have invested in Salesforce and want
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It’s impossible to tell precisely how much a used vehicle is worth without detailed historical data. You can kick the tires
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The lending industry is evolving. Quickly. Innovative new loan origination system (LOS) features are helping lenders stay ahead, even in competitive
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Lenders looking for an LOS often start by checking loan origination system market share. That can reveal industry leaders and niche
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It’s an exciting time to be in the lending industry. Major technological advances in loan origination system software have made it
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Business process automation has helped the banking industry bring efficiency to high-volume processes. It brings speed and accuracy to account openings
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Big data has transformed businesses in every industry. Banks now use data acquired from nearly every step of the loan origination
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The millions of people born in the US sometime between the early 1980s and mid-1990s now outnumber baby boomers. For banks,
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According to the American Bankers Association, only half of large banks and 38% of small banks currently use an online or
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According to the New York Fed, US subprime loans are going delinquent at rates unseen since the Great Recession. Auto loan
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The best LOS systems calculate alternative credit scores for each loan type offered. To start collecting alternative credit data on your
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Business process automation (BPA) replaces inconsistently-executed manual activities with consistently-executed workflows and decisions. The result for financial services providers: Lower processing
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Today’s lending market looks very different than it did even just a handful of years ago. More customers are checking auto
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Lenders have long relied heavily on scores from the big three credit bureaus. However, the bureaus have recognized that alternative credit
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Down Payment Fraud Detection Key Points: 1) Loan fraud is on the rise with false identities as a leading scheme 2)
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What are the straw buyer red flags that lenders can use to identify fraud and prevent it from hurting portfolio performance?
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Anyone who orders from Amazon regularly understands the advantages of a completely digital process. Order in seconds. Delivery in 2 days
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Phantom auto loans are a sophisticated scheme to defraud banks, credit unions, and fincos. No car is ever sold. Often, no
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There are two major growth drivers of online loan originations. The first is demographic. Millennials, born digital, are now a larger
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One recent lending fraud analysis estimated that one in 123 mortgage applications, or 0.81% of all applications, contained indications of fraud
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Loan applications are often sent to multiple lenders simultaneously. The action is called loan stacking, and it can help address a
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The ease of committing fraud using online resources has made banking fraud detection necessary for loan origination.
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In an account takeover, an individual or well-organized cartel obtains access to a consumer’s account, changes login credentials or personal data,
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With seismic enhancements in fraud detection software, banks can now catch fraudsters quicker while improving the flow of non-fraud borrowers. We’ve
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Analytics-based lending helps improves the speed and quality of lending decisions while simultaneously reducing risk. Two developments in lending technology offer
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The big loan management software trends for 2020 focus on achieving two major goals: Reducing risk and identifying new lending opportunities.
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Despite an economy that continues to roll along and a stock market setting new records, several factors are contributing to delinquencies
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As you begin the process of evaluating lease management service providers, use this concise list of attributes and capabilities to assess
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With leases being a significant portion of the new vehicle market, dealers and lenders are looking for the most efficient ways
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Delinquent account recovery is a serious financial drain for lenders. Mailing out late statements and hiring staff to call debtors daily
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As you begin the process of evaluating lease management service providers, use this concise list of attributes and capabilities to assess
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By embracing the latest technology and innovations, even the smallest community credit unions can thrive in a saturated market. In this
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The sustained economic growth of recent months and an optimistic outlook presents credit unions with an opportunity and a challenge. There’s
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Major IT advancements now make for quick implementation of innovative services, so that community banks can realize the benefits of the
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It’s not about upgrading to a state-of-the-art system that can handle millions of accounts and loans; it’s about leveraging technology to
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Compared with national banks, community banks have the advantage of a main-street understanding of the unique economic climate of the cities
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Some of the top credit union technology challenges right now are: Lack of agility in deploying IT resources and services to
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Customer service outsourcing is one of the most valuable tools available to community banks. When you outsource customer communications, not only
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For many credit unions, vehicle auctions detract from their core financial focus. The complex relationships between auction houses and transporters, along
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Lending and leasing for vehicles can involve remarketing off-lease and repossessed vehicles. At the end of those contracts, many community banks
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Internal risks tied to credit and compliance are far easier to manage thanks to advancements in loan origination solutions. Let’s take
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The main problem is that community banks don’t have as many risk management resources at their disposal as larger federal banks.
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If you don’t have an efficient and well-staffed back office, then your front office will suffer. This is where back-office outsourcing
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If you’re looking to improve your customer service specifically, here are just a few of the back office tasks you can
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Having an efficient back office that essentially runs itself is one of the best ways to stand out in today’s saturated
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Many lenders are getting out of the loan servicing business altogether because it’s too difficult and costly to manage. This is
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Credit unions want to offer their members exceptional lending services. That’s tough to do when member expectations rise every year. As
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The community banking industry is abuzz over loan servicing companies. Third-party loan servicing is one of the biggest community banking trends
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Following a loan servicing compliance guide and relying on experts to guide you can help protect your credit union members. Just
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Loan servicing compliance is one of the most important things community bankers think about when they manage their loan portfolios. Yet
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In our work with community banks, many have voiced the need for greater efficiency in handling high-volume, repetitive loan servicing processes.
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When you hire a third-party loan servicing company to go through each of these steps with you, your credit union will
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Using alternative data, credit unions can more fairly assess applicants—even those who might never held a credit card or who have
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Alternative data is helping community banks identify new opportunities and reduce risk.
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Our guide covers seven qualities of an excellent loan servicing platform to ensure the greatest impact on your operational efficiency
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Many community banks are now evaluating loan servicing platforms from specialist providers to improve efficiency.
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If you've been thinking about upgrading your system, here’s what you need to know about the benefits of an optimized workflow. 
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Today, community bank lending workflow solutions provide a more sophisticated level of automation.
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Lenders anticipating an increase in small business loans may be rethinking their approach to loan servicing. Many lenders who built their
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Pause for a moment and take a close look at your loan servicing process. Is it as efficient as it could
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Bank loan-to-deposit ratios (LDR) average between 80% to 90%. It’s an understatement to say that lending is critical to profitability. With
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Auto lenders facing the uncertainties of the current economic climate are looking for every opportunity to reduce operating costs. For many
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Customer care is the bread and butter of the auto lending industry. While it’s important to have reliable loan origination software
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Community banks have a lot on their plates. From customer service to payment processing, there are thousands of important tasks banks
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How would you describe your loan origination process? Fast, easy, simple, competitive advantage? Or is it slow, cumbersome, confusing, and outdated?
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In late 2019 many industry publications highlighted the expected auto lending trends for 2020 anticipated by J.D. Powers, Fitch, and other
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In-house processing was once one of the only effective options for banks, credit unions, and fincos to manage their lending processes
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COVID-19 is redefining the notion of risk in nearly every facet of the global economy, forcing financial institutions to rethink policies
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How do you effectively reduce credit risk? Some lenders use manual risk assessment tools, portfolio management spreadsheets, and even good old-fashioned
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Over the past decade, an increasing number of buyers have turned to online resources to shop for vehicles. Though not yet
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The ability to handle auto financing online is one of the past decade’s greatest innovations for lenders. Gone are the days
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In a world where the car-buying journey has become increasingly digital, lenders and dealers must adapt to attract motivated buyers and
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If you’ve ever considered the importance of mobile lending technologies but haven’t acted on it, recent events should be moving you
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Regardless of economic climate, risk management remains an important factor for lenders to consider during the approval process. Its importance in
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Many lenders are receiving an overwhelming number of loan servicing requests in recent months—but why? The impact of COVID-19 plays a
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According to a recent survey from Cox Automotive, 83% of consumers want to perform at least one or more steps of
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Established auto lenders have weathered several instances of market turbulence over the decades. The pandemic is yet one more storm and
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Lending risk analysis is more important than ever, with lenders walking a fine line between accepting new lease or loan applications
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With technology growing and evolving by the second, fraud is more prevalent than ever. In its July 2020 white paper, the
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Lease and loan servicing volumes are up. The reasons?  Questions about loan forbearance. Increase in requests for lease and loan modifications. Longer loan
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What if you could respond to well-qualified applicants within seconds? Bring in new borrowers any day of the week, day or
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Commerce is increasingly driven by mobile devices in the hands of consumers. Lenders who use an auto lending digital platform to
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In the past months since the onset of COVID-19, you’ve likely been in a reactive mode, scrambling to cope with the
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The process of acquiring an automobile, either buying or leasing a brand new or pre-owned upgrade, has been gradually transforming from
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It’s easy to get lulled into thinking that the software you purchased a few years ago is continuing to meet current
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Looking ahead to 2021, banks, credit unions, and fincos are reevaluating their ability to effectively respond to unexpected economic conditions. In
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Loan origination best practices benefit both consumers and lenders. After years of developing, delivering, and supporting lending systems, we at defi
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Banks have mastered the digital process for many of their services. Today, it’s not unusual for a bank’s customers to never
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We believe that great customer service begins with the first transaction a customer has with your bank and extends throughout the
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Credit unions boost their ability to grow their auto loan and lease business with software designed to:  Improve the efficiency of
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The past year has highlighted the importance and value of loan servicing software that can quickly respond to unexpected changes in
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In an environment where consumers expect a near-instantaneous confirmation of transactions, the loan origination process of many lenders comes up short.
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In comparison to nationwide financial institutions, credit unions have an inherent advantage; they understand the local economy and the financial needs
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Modern auto loan origination software is making it easier than ever for banks to respond to loan applications rapidly and boost
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When you can’t sell a vehicle to the lessee at the end of the lease or you know there’s no local
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Business process outsourcing (BPO) has become an integral part of operations for many fincos, banks, and credit unions. BPO for contracting
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For a bank wanting to establish a lending relationship with local auto dealers, the capabilities of a modern lending solution are
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COVID-19 was extremely disruptive to anyone involved in auto lending and leasing.  The economic uncertainty caused by job losses, the overwhelming
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If the events of 2020 have caused you to reconsider the efficiency of your auto loan and lease servicing capabilities, you’re
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Lenders who are considering upgrading their loan servicing software typically go through the process of comparing the architecture, capabilities, and market
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Establishing a mutually beneficial relationship with local auto dealerships can be one of the most effective ways to grow your lending
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Approximately 90% of new retail auto sales are financed via a lease or loan, and at the moment, Americans owe approximately
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Compared to the lease or loan origination process, the servicing process is far more complex. It can last years, and may
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Lending institutions looking for more efficient ways to manage auto loan servicing and portfolio management are beginning to outsource some or
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Recent economic data indicates that we’re experiencing one of the fastest-growing economies since 1984. As a result, lenders are likely to
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Is it time to consider the benefits of outsourcing your call center operations? Many auto lenders who have struggled with the
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How efficiently are you managing collections?  Unlike the lease or loan origination process which is comparably quick and predictable, the collections
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Every auto lender looks for ways to improve the efficiency of their business processes and reduce operating costs. For most auto
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The economic difficulties of the past year have challenged all parties involved in the auto financing cycle. Lenders who already invested
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A growing number of lenders, specifically those solely focused on auto lending, are considering business process outsourcing as a means to
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Many auto lenders across the US have hit the wall while attempting to streamline their auto loan servicing operations. Certainly, the
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The auto industry is recovering from the abrupt, early 2020 shutdown of the US when new sales dropped a whopping 38%
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Many fincos and lenders who specialize in the auto industry have realized that the management of a call center is a
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Business process outsourcing has been widely adopted across all industries, from the simple outsourcing of activities, such as accounts receivable, to
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Every auto lender strives for greater efficiency and lower operating costs. Throughout the lending cycle, there are dozens of opportunities to
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Even amidst pandemic-related slow-downs, the auto loan industry remains one of the biggest in the U.S. Overall, American consumers have $1.4
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A growing number of auto lenders are seriously evaluating business process outsourcing (BPO) services. The primary BPO value propositions are improved
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The risks of outsourcing call center operations, like concerns over data breaches or poor customer service, are certainly valid reasons to
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Unlike loan originations which has a relatively short start to finish cycle and uses automation extensively to bring consistency and speed
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Auto lenders wanting greater efficiency in managing the increasing call volume from borrowers may be hesitant to consider outsourcing their call
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Many auto lenders wanting to improve the efficiency of business processes and reduce operational costs seek out a business process outsourcing
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Lending institutions of all sizes are looking for strategies to improve the efficiency of customer care and simultaneously lower operational costs.
Has the volume of calls and requests from your customers become overwhelming? Maybe you’ve considered establishing an in-house call center but
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Business process outsourcing isn't just a case of "out of sight, out of mind." While auto lenders can reap significant benefits
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The year 2020 was challenging for nearly every industry, and the automotive industry was no exception. Disrupted supply chains, assembly line
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Choosing an outsourcing partner is one of the most crucial business decisions auto lenders can make. Once the decision is made,
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Having a customer contact BPO provider is an excellent tool that allows lenders to increase their efficiency, profits, and customer satisfaction.
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With technology developing rapidly, automation and cloud-based computing are changing the way businesses work—and driving better outcomes. Innovative automation is also
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Customer service is the backbone of the auto lending industry. When customers consistently have positive interactions with your representatives, they're more
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Fincos want to understand customers better and, therefore, better meet their needs, maintain satisfaction, and create a close, long-term relationship with
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Today, finance companies have to deal with a rapidly changing market, with challenges around compliance, costs, and customer retention. Keeping up
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Call centers are a significant aspect of your business. As the centralized offices that help lenders interact with and support customers,
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Many auto lenders seek out business process outsourcing (BPO) companies to improve efficiency, reduce overhead, and scale their lending operations. It’s
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Auto lenders are always seeking ways to adapt, stay competitive, and reduce expenses. One way to do that is using business
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Business process outsourcing (BPO) is a popular option for auto lenders, and more are turning to it as a cost-cutting measure.
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One of the fastest ways to improve the quality of your customer service is to outsource a call center.  When you
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It’s easier than ever for prospective borrowers to apply for a lease or a loan. In fact, people no longer have
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Today’s consumers can get packages delivered in less than a day, hire a driver and get picked up in a few
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The ever-changing world of technology requires industry-leading auto lenders to evolve their loan origination systems (LOS) to maintain a competitive upper

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