Perhaps your company is facing the same technological conundrum highlighted in a recent survey orchestrated by Fenergo, a provider of digital client lifecycle management (CLM) software solutions for financial institutions.
Fenergo’s survey revealed that 20% of C-suite executives in banks say that the maturity of their technology infrastructures is preventing them from investing in new, disruptive technologies, including big-data analytics and artificial intelligence (AI) to improve client lifecycle management.
The survey also noted that 67% of participants are not currently partnered with a fintech/regtech provider to improve operational efficiencies, and just 40% of respondents have integrated with an external data or know your customer (KYC) utility provider.
The report also highlighted that 33% of those executives surveyed have not invested in any technology to improve client onboarding despite 99% agreeing that underinvestment in technology directly impacts client onboarding and retention. Only 15% have automated the collection of data and 74% believe data management is overlooked strategically despite it being among the top three most critical business concerns.
“Our report findings tell us that the lack of technology investment and maturing infrastructures are creating barriers to digital transformation. By connecting internal and external systems and technologies through specially designed APIs financial institutions can build powerful customer ecosystems without the need for a complete rip and replace,” Fenergo chief executive officer Marc Murphy said.
“Underpinned with a centralized client data strategy, financial institutions can achieve a single client view across all jurisdictions, business units and products.” Murphy continued. “The automated flow of client data between front and back office enables frictionless end-to-end client journeys, regulatory certainty and enables financial institutions to ultimately disrupt the disruptors.”
Julia Walker, Asia Pacific head of risk and regulatory solutions at Refinitiv, added, “Collaboration with disruptive regtech and fintech providers is crucial for financial institutions seeking to automate the flow of data, streamline KYC and AML compliance processes, while digitally transforming customer experiences.”
This report titled, Disrupt the Disruptors, is the final instalment of a three-part CLM trends report series and is based on the findings of a survey of 250 C-suite executives across data, technology and compliance within commercial, business, investment and corporate banks. Respondents were based in banks of varying sizes across the world.
Go to this website to download the full report.
It’s likely a sinking feeling when an auto-finance company learns the vehicle attached to its retail installment sales contract has been stolen. A pair of service providers are aiming to help finance companies when those unfortunate incidents happen.
CalAmp, brand owner of LoJack, and TransUnion recently announced the launch of LoJack Stolen Vehicle Recovery services for insurance carriers aimed at significantly reducing stolen vehicle losses, improving risk management and increasing vehicle recovery rates for consumers.
Many consumers and insurance carriers do not know their insured vehicles may be equipped with a LoJack unit that can expedite recovery of a stolen vehicle with law enforcement assistance. The new service brought to the market by CalAmp and TransUnion can help insurance carriers leverage this covert, yet powerful, capability to reduce their claims expense on stolen vehicles with minimal effort and investment.
Insurance data is combined with LoJack’s database of SVR unit-installed vehicles in a dormant state. Insurance carriers can simply elect to enable the new recovery service.
When a LoJack SVR unit-equipped vehicle is reported stolen and the LoJack unit is activated, law enforcement can directly locate and recover the vehicle using one of more than 14,000 LoJack police tracking computers installed in police vehicles across the nation.
“Every 41 seconds, a vehicle is stolen, and thieves are constantly devising sophisticated means to do so, from fraudulent loans to ID theft. As the only SVR system directly integrated with law enforcement, the LoJack Stolen Vehicle Recovery System has an extremely high recovery rate on cars, trucks and SUVs,” said Michael Burdiek, president and chief executive officer at CalAmp.
“We are excited to help insurers potentially save millions of dollars by integrating the LoJack SVR system with TransUnion’s strength in insurance data analytics. This is a tremendous cost-savings opportunity for insurance companies and their customers,” Burdiek went on to say.
The companies said lack of technology and resources often makes it difficult for insurers and law enforcement to recover a stolen vehicle. If recovered, vehicles may be relegated to a junkyard, because thieves have stripped them of valuable parts.
The national stolen vehicle recovery rate is only 59%, according to CalAmp.
CalAmp highlighted cars, trucks and SUVs with the LoJack System had a more than 90% average recovery rate in 2018. By enabling the seamless activation of a previously dormant LoJack SVR unit, CalAmp and TransUnion can enable insurance carriers to introduce a new service that streamlines the claims process and mitigates losses.
At the same time, law enforcement can improve recovery rates for consumers and reduce the potential for other crimes that are often related to auto theft.
“Reducing the time to take action can mean the difference between vehicle recovery, total loss and lifetime customer loyalty. Vehicle recovery is a group effort, and we are committed to providing consumers a leg up on criminal activity, while ensuring meaningful cost savings for all,” said Mark McElroy, executive vice president and head of TransUnion’s insurance business unit.
“Our internal analysis reflected a $3 million reduction in annual theft claims based on the 5 million vehicles included in the initial release of the solution,” McElroy added.
CarGurus is looking to be more than just a place where vehicle shoppers can find dealership listings. The site wants to be a conduit for how potential buyers secure financing, too.
“We want to be integral to the car shopping process for consumers, and for many car buyers that is increasingly occurring online. Some shoppers value the convenience and ease of online buying and are showing a willingness to conduct even a major purchase, such as a vehicle, digitally,” CarGurus chief product officer Tom Caputo told Auto Fin Journal via email.
“This partnership with Capital One enables consumers on CarGurus to go beyond just shopping for a car by enabling them to initiate the buying process online. In doing so, the consumer becomes more educated about financing options and saves time at the dealership, while the dealers gains introductions to more ready-to-buy shoppers,” Caputo continued.
As Caputo referenced, CarGurus announced a partnership with Capital One Auto Finance aimed at being a benefit to both consumers and dealers. The partnership will enable eligible shoppers on CarGurus.com to pre-qualify for financing before visiting the dealership in an effort to create a more transparent and efficient process for buying a vehicle.
“CarGurus’ partnership with Capital One Auto Finance allows car shoppers to expedite their purchase from their mobile device or computer, before they walk into the dealership,” Caputo said in a news release. “As a trusted automotive shopping leader to both shoppers and dealers, CarGurus believes that providing visibility into financing not only gives consumers the information they need to make a purchase decision, but also creates a more seamless, efficient experience at the dealership.
“We understand that financing is critical to dealerships, and we believe that this partnership will bring qualified shoppers, while still enabling dealerships to offer additional financing options,” he added.
The “View Financing Options” button can allow eligible CarGurus shoppers to see if they pre-qualify, with no impact to their credit score, on vehicles from dealerships that already offer Capital One financing.
Pre-qualified vehicle shoppers can see their rate and monthly payment on any eligible vehicle listed on CarGurus, then complete a credit application at the dealership to finalize the financing terms for that vehicle in-store.
“CarGurus and Capital One have had an advertising relationship going back a number of years, and this partnership is an opportunity for us to deepen that relationship by providing a great finance shopping experience for both car shoppers and dealers,” Caputo shared in his message to Auto Fin Journal.
“The online car shopping experience and credit approval process are both data-intensive, so the biggest challenge to overcome was building a VDP-integrated, pre-approval user experiences that was quick and intuitive,” he went on to say.
Caputo also mentioned CarGurus shoppers who are pre-qualified for financing through this partnership will now know more about purchasing their vehicle before they go to the dealership. He added dealerships will also benefit with better prepared customers who have more data about financing options and are ultimately closer to their decision on buying a vehicle.
“Our customers prefer transparency and efficiency when shopping for a car, and we understand that more of the car shopping process is occurring before they visit one of our locations,” said Adam Moore, director of pre-owned vehicle operations at McDonald Automotive Group.
“Our sales and finance teams believe that combining CarGurus, one of our most powerful used car lead sources, with the ability to market Capital One, one of our approved financing lenders, will not only create a better customer experience, but will also help us grow our business,” Moore continued in the news release.
Officials indicated the program will roll out nationwide in the coming weeks to the more than 10,000 dealerships that work with both CarGurus.com and Capital One. For these dealerships, financing through this partnership will be currently available for most new and used vehicles on CarGurus.com.
“Capital One has long been a leader in auto financing as well as digital banking, and we understand the challenges faced by both consumers and dealers,” said Jeffrey Rabinowitz, head of consumer auto finance at Capital One. “This capability helps bring transparency to the car buying process, and we’re excited to offer it to CarGurus shoppers.”
Dealerships that have questions about the CarGurus partnership with Capital One Auto Finance can contact their CarGurus account representative or email FAQ@cargurus.com.
With the momentum that has lifted the banking sector’s performance over the first half of the decade slowing in major markets — perhaps even auto financing — Boston Consulting Group (BCG) says banks must leverage digital technology to battle disruption and stem the threat of disintermediation brought on by fast-moving, newer entrants.
If banks stand pat on the technology front, BCG cautioned that institutions might pay the price with regard to staying power and profitability, according to a new report titled, Global Risk 2019: Creating a More Digital, Resilient Bank.
This ninth annual survey of the health and performance of the banking industry by BCG examined global and regional profitability levels and how institutions can raise them, exploring ongoing regulatory trends and how banks can navigate them. Experts also examined how core risk and treasury functions must adapt both their operating models and their roles in the wider banking organization to be more efficient and effective.
“As digitization opens the financial services ecosystem to new and niche players, we expect to see fewer full-stack banks,” said Gerold Grasshoff, the global leader of BCG’s risk management segment and a coauthor of the report.
“As the banking value chain breaks up, banks will get the opportunity to reposition themselves. They will likely pursue a mix of strategies, such as becoming platform leaders, being specialist providers and promoting infrastructure-as-a-service offerings,” Grasshoff continued.
“The cost basis will also change, and banks will need to be leaner and more efficient if they are to compete effectively against digitally mature peers and fintechs,” he went on to say in the report that can be downloaded here.
A three-speed world for economic profitability
According to the report, while banking remains profitable on an absolute basis, BCG found that total economic profit (EP) — which adjusts for risk and capital costs — softened again in 2017 (the last year for which year-end statistics are available). It was a second straight year of decline.
Since reaching a global-average high of 16 basis points in 2015, experts noticed that EP has slumped, falling to just 8 basis points in 2017. With that slide, BCG surmised that average banking performance is now on a par with that of 2013, when the banking industry started to regain its footing after the global recession.
In Europe, BCG pointed out that banks have remained mired in negative growth, hemmed in by low interest rates and nonperforming loans. By contrast, banks in North America have benefited from increasing interest rates, although rising costs edged total EP down for the second straight year.
In Asia-Pacific, the report showed banks experienced the third consecutive year of declining EP.
“Overall, banking remains a three-speed world in which European banks continue to struggle, North American and Asia-Pacific banks strive to stay the course, and the developing markets of South America and the Middle East and Africa continue to show high profitability. Yet systemic issues hound each region,” BCG said.
Setting the regulatory stage for the future of banking
The report explained that for regulators, instilling trust in the strength and resiliency of financial markets has become a dominant focus.
“Banks must improve the quality and efficiency of regulatory compliance to meet their ongoing financial stability, prudent-operations and resolution obligations,” report authors said. “Achieving this will require finding leaner and smarter ways to manage the high volume of regulatory revisions, as well as experimenting with new technologies and partnerships to drive down the cost of know-your-customer documentation and to improve anti-money-laundering processes.
“Keen to protect financial markets from future shocks, regulators are trying to anticipate the ways that technology will reshape the banking ecosystem and, with it, their own role in establishing guidance and ensuring consistent standards,” authors added.
Since 2009, BCG tallied that banks worldwide have paid $372 billion in penalties. The firm tabulated that regulators assessed $27 billion in penalties on European and North American banks in 2018, an increase of $5 billion year-over-year.
Mortgage-related misconduct in the U.S., money laundering and interbank-offered-rate-related market manipulation across regions are among the factors sparking regulatory ire, according to the report.
As banks digitize, so must risk and treasury
The report went on to mention that banks’ risk and treasury functions will change in profound ways during the coming years.
Experts projected both functions face a broader mandate with a larger slate of risks to manage, a growing need for integrated steering to protect banks’ interests and an equally growing need to make the most strategic use of banks’ balance sheet resources.
“Delivering on this mandate will require risk and treasury to operate faster and more incisively, backed by real-time data, predictive analytics and end-to-end automation,” report authors said.
“Risk and treasury functions that commit to ‘going digital’ in these ways will become not only more efficient operators but also more effective strategic partners in delivering value to banks,” they added.
As someone with backgrounds in science and mathematics, Market Scan co-founder and president Rusty West has greatly enjoyed the past 25 years as a developer and engineer involved with vehicle retailing and financing.
West shared his perspectives with Nick on how technology is impacting not only vehicle leasing, but also other aspects of how consumers, dealerships and finance companies all are interacting nowadays.
The full discussion can be found below.
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Catch the latest episodes on the Auto Remarketing Podcast homepage and on our Soundcloud page.
Along with offering an update on how its uniFI platform has been adopted, Dealertrack’s Cheryl Miller joined Nick for another podcast to discuss how dealerships and finance companies are answering the call to respond to consumer demand for transparency and ease of use.
The senior vice president and general manager for Dealertrack F&I and Registration and Titling Solutions also touched on what trends are piquing her interest most for the rest of the year.
The full discussion can be found below.
Download and subscribe to the Auto Remarketing Podcast on iTunes or on Google Play.
You can also listen to the latest episode in the window below.
Catch the latest episodes on the Auto Remarketing Podcast homepage and on our Soundcloud page.
Experian sees the productivity enjoyed by OneMain Financial as an example of what the Experian Ascend Technology Platform can do for auto finance companies and other firms involved in financial services.
Experian said that today’s successful businesses rely on the latest market intelligence and the most up-to-date consumer insights. Since launching less than 18 months ago, the company highlighted Experian Ascend Technology Platform has been helping businesses, including 15 of the world’s top financial institutions, stay ahead of rapidly changing consumer behaviors by leveraging the power of data, artificial intelligence and machine learning.
The Ascend Analytical Sandbox was the first solution built on the Ascend Technology Platform. Like the name suggests, Experian said, a sandbox is an environment that contains all the data and analytics tools needed to create, build and gain insight from data.
Experian’s hybrid-cloud system can give businesses instant access to more than 17 years of depersonalized credit data on more than 220 million U.S. consumers, as well as alternative data, commercial and auto data and other exclusive data assets.
With the Ascend Analytical Sandbox, businesses also have access to industry-leading analytics and data visualization tools, including SAS, R, Python, H2O, Tableau and others, to mine and manipulate data, combine it with their own and view accurate consumer stories in near real-time.
“The Ascend Analytical Sandbox has truly been an incredibly successful product launch for Experian. The benefits available through this tool are exactly what businesses have been asking for – faster and more informed lending decisions with greater accuracy,” said Alex Lintner, group president at Experian Consumer Information Services.
“It’s not just traditional lenders who are benefitting. Our partners in fintech, retail, mortgage, auto and insurance are also seeing how we are connecting everything — the data, the technology and the insights to create real business opportunities,” Linter said.
OneMain Financial, a lender with over $16 billion in assets, turned to Experian to improve its risk modeling and credit portfolio management capabilities. Since using the Ascend Technology Platform, Experian reported that OneMain Financial has seen significant improvements in reject inferencing — a process that looks at the performance of loan applicants who were denied in the underwriting process.
Experian said this process has traditionally been expensive, manually-intensive and time consuming. According to OneMain Financial, the Analytical Sandbox on Experian’s Ascend Technology Platform has shortened the process to less than two weeks from up to 180 days.
“Experian’s Ascend Technology Platform and Analytical Sandbox is an industry gamechanger,” OneMain Financial senior managing director and head of model development Michael Kortering said. “We’re completing analyses that just weren’t possible before and we’re getting decisions to our clients faster, without compromising risk.”
Like many businesses, OneMain Financial sees Experian’s Ascend Technology Platform and Analytical Sandbox having an impact beyond core risk modeling. For example, the company also uses the platform to gain market insights and understand market share.
Through the anonymized database in the Analytical Sandbox, OneMain Financial can calculate its share percentage in various loan categories, including credit score and geography, to make more informed decisions around business and marketing strategies.
“The use cases available through Experian’s Ascend Technology Platform are endless,” Kortering said.
To request a demo and learn more about Experian’s Ascend platform and suite of products including the Analytical Sandbox, visit www.experian.com/consumer-information/ascend.html.
Automotive lenders, dealers and technology companies not only look at the industry different today, but they also look at customers different. Today, they want to find ways for the customer to be even more educated than they were in the past — BEFORE the customer walks into a dealership. They are realizing that an educated customer with the right information is one that is further down the funnel and closer to sale.
This is important because this process is more than just building features on a website or having designer coffee options in the waiting room at the dealership. When we stop to think about creating the right customer experience or journey, the research, shopping and transaction process must be a significant part of the equation — not just whether a dealer has a putting green available for waiting customers.
A recent survey commissioned with the help of Jabian Consulting confirmed that dealers and finance companies both realize more consumer education, access to data and faster processes will help enhance the vehicle-shopping journey.
As a result of this new knowledge, both franchise and independent dealers want the power to learn consumer behaviors by engaging earlier in the process, especially online, and also leverage consumer information and habits to help drive a successful transaction.
Similarly, dealers and finance companies today are looking to engage with a customer before they walk into a showroom by leveraging more targeted marketing in a cost-effective manner to better match customers with vehicles during the research process. This will ensure the right inventory when the customer arrives at the dealership.
This earlier insight into the customer before the transaction phase will result in more confidence for the consumer as they get deeper into the “funnel”. Dealers recognize the importance here as well and they realize that a customer educated earlier on in the process enters the showroom under a less adversarial environment with fewer negative perceptions or inaccurate information.
Recent advances in digital retailing for the customer journey
The study is one viewpoint following several advances recently throughout the automotive industry by dealers and lenders. For example, innovations such as the Fortellis Automotive Commerce Exchange, which provides an opportunity in digital retailing environments to connect data and leverage analytics much earlier in the process to help fuel tailored, consumer-centric experiences.
The available amount of intelligence, data and analytics continues to evolve, but lenders and dealers are looking for opportunities where they can create the right value. These investments in data analytics and technology are driving the next generation of connectedness that creates an end-to-end relationship with customers and their journey.
Transaction enablement gets more streamlined
Another recent example can be seen through the partnership between Equifax and DealerPolicy, helping automotive dealerships enable faster, secure transactions through a more streamlined car buying experience that saves car buyers and automotive retailers time.
This is critical since, according to Cox Automotive’s 2018 Car Buyer Journey Study, fewer than half of consumers are happy with the average three-hour transaction time at the dealership today. 69 percent of automotive retailers recognize the need to create a better customer experience and a more streamlined sales environment.
Under the partnership, car buyers can review competitive insurance quotes and speak with a licensed insurance agent while at the car dealership or after they return home with their new car. Given the opportunity to view competing quotes from a wide array of insurance carriers, car buyers save on their monthly premium, and gain an average of $3,200 more in buying power to put toward their new vehicle purchase. Equifax’s unique technology prepopulates much of the information needed to provide insurance quotes and to submit a finance application, reducing the number of form fields a customer needs to fill out to two (date of birth and ZIP code). Dealerships can also receive additional reports that include crucial customer information like credit score, income verification, and employment verification, all enabled through Equifax.
Strengthening the relationship between dealer, lender and customer
As lenders and dealers use data intelligence, technology platforms and analytic tools, they will widen their opportunities and better understand their customers earlier in the shopping process, while streamlining the entire funnel from research to purchase.
Jennifer Reid is vice president – automotive marketing & strategy lead – U.S. Information Solutions (USIS) with Equifax. With nearly two decades worth of experience in automotive on dealer, lender and information services sides, Reid is responsible for the development of Equifax’s automotive growth strategies, as well as overseeing specific marketing plans and initiatives. This includes understanding competitive automotive industry market dynamics and trends, key customer insights, new product innovations and pricing and chancel strategies.
To increase velocity for deploying predictive models, FICO and Equifax are introducing the Data Decisions Cloud.
And a trio of other related solutions from the companies’ collaborative efforts is on track to be released later this year.
According to a news release distributed on Wednesday, the companies highlighted the new Data Decisions Cloud is an end-to-end data and analytics suite designed to address key needs across risk, marketing and fraud to enable financial institutions to meet the needs of consumers faster and more precisely.
The Data Decisions Cloud integrates the Equifax Ignite platform differentiated data and analytic management with FICO Cloud applications and the FICO Decision Management Suite (DMS), a digital decisioning platform. The company explained this broad strategic alignment can enable organizations to explore differentiated data, uncover deep new insights, build highly-predictive models and rapidly deploy decisions into production systems across the customer lifecycle.
FICO and Equifax projected that financial institutions could benefit from an increased pace of innovation for data and decisioning, supported by incredible industry expertise and explainable artificial intelligence (AI).
FICO and Equifax also emphasized the strategic partnership is focused on a connected, end-to-end development and decisioning management platform that can allow customers to explore, develop, test and deploy powerful insights into production systems across the organization.
“Currently, there is a deluge of data, and while we have processes to extract meaningful insights to make it actionable, it is a cumbersome and time-consuming process,” said Liza Yannon, director of quantitative analysis at Key Bank.
“I’m excited to see that FICO and Equifax listened to the voice of the customer by coming together, and I look forward to seeing how they help us obtain more ready access to data, enabling better use of it in analytics and business decisions,” Yannon continued.
In addition, FICO and Equifax are planning to release three pre-built solutions later this year, including:
• A connected system for real-time access to raw and trended data that can enable the rapid creation and deployment of new predictive elements and promotes data science collaboration across the enterprise.
• A Compliance-as-a-Service solution that can enable customers of all sizes to support their anti-money-laundering and know your customer obligations across the customer lifecycle.
• An integrated pre-screen marketing automation solution that develops FCRA-compliant campaigns to acquire and retain customers.
“We know there is an overwhelming amount of data in the world, and we know consumer expectations are on the rise as they demand highly-personalized engagement, in real-time. To compete in this dynamic market, financial institutions need to leverage artificial intelligence, machine learning and predictive analytics to find the key insights that will help them deliver differentiated and profitable customer experiences,” said Brian Riley, director at the Mercator Advisory Group.
“The Equifax and FICO partnership underscores these trends and should help address the industry’s most challenging problems like streamlining the customer experience, improving data analytic capabilities and reducing operating costs,” Riley added.
Top leaders at both FICO and Equifax elaborated about why the companies are joining forces on so many projects.
“We are energized about this broad partnership between Equifax and FICO. Two industry leaders are joining forces to help financial institutions better meet the needs of consumers and improve business agility,” Equifax chief executive officer Mark Begor said.
“Our partnership will seamlessly integrate Equifax’s differentiated data assets and Ignite platform with FICO’s market-leading cloud based decisioning software and applications,” Begor continued.
FICO chief executive officer William Lansing added, “Our common mission is to empower financial institutions to leverage data-driven decisioning in all their customer interactions.
“With this strategic partnership, FICO and Equifax will help organizations operationalize the best data with unparalleled predictive analytics and applied AI, and do so in a streamlined and cost-effective way,” Lansing went on to say.
Along with expanding its reconditioning capabilities, Carvana is also delving deeper within the financing side of its business as an online used-vehicle retailer.
On Tuesday, Carvana announced that it priced its first auto loan securitization, successfully adding a new, large and diverse monetization channel to its finance offering.
The company indicated this securitization is a private securitization under Rule 144A and to persons outside the United States pursuant to Regulation S under the Securities Act in which Carvana expects to sell $350 million of principal balance of loans to a securitization trust and receive proceeds from the issuance and sale of rated notes, a strip security and certificates.
Following pricing, the company calculated total proceeds, including cash and securities, are expected to be $365.4 million before fees and expenses. Carvana shared a breakdown of proceeds and related descriptions this way:
— Principal balance sold: $350.0 million
— Rated notes: $338.8 million
— Certificates, Class XS notes, and other: $31.0 million
— Reserve account funding: $4.4 million
— Total proceeds before fees and expenses: $365.4 million
Carvana added that its first securitization transaction includes $350 million in principal balance of loans across the full credit spectrum.
The company went on to mention the rated notes are seven classes of securities with expected ratings ranging from Aaa through B2 from Moody’s Investors Service and AAA through BB from Kroll Bond Rating Agency. In total, the face value of the rated notes is expected to be $338.8 million.
Officials said the notes are expected to be purchased by multiple third-party investors who are new to the Carvana platform.
The company also expects to fund a reserve account in an amount equal to 1.25 percent of the principal balance as additional credit enhancement for the rated notes. Carvana noted funds in the reserve account will be releasable to the certificate holders near the end of the life of the transaction in the event that certain conditions are met.
“Our Q1 2019 securitization marks another exciting step toward diversifying our finance monetization program,” Carvana chief executive officer Ernie Garcia said. “The transaction was squarely in line with our expectations for an inaugural deal, yielding strong proceeds and leaving a clear path toward achieving our long-term goals, and we look forward to executing on continued strong performance as our platform matures.”
The transaction is scheduled to close on Thursday, subject to customary closing conditions.
