Less than a month after landing a partnership with banking technology solutions provider Nymbus, Lightico announced on Wednesday it’s now collaborating with Wolters Kluwer Compliance Solutions, too.
Lightico said it plans to leverage the capabilities of Wolters Kluwer’s eOriginal product suite of digital financing tools, including its eVaulting technology, to enhance Lightico customer transactions.
Executives highlighted the alliance strengthens Lightico’s next-generation digital completion platform, which can support millions of insurance, automotive, telecom and financial interactions.
With native integration between the platforms complete, customers using Lightico’s Digital Completion Cloud for end-to-end customer interactions now have access to eVaulting capabilities, critical for ensuring that digital contracts are compliant for all parties involved in the initial transaction — and trusted by the secondary market ecosystem for whole loan sale, collateralization and securitization.
“As digital interactions across the financial services industry grows, complete solutions are more important than ever to ensure a smooth, easy journey for consumers and a compliant and flexible platform for businesses,” said Steve Meirink, executive vice president and general manager for Wolters Kluwer Compliance Solutions.
“We’re excited to partner with Lightico, bringing our proprietary technology that enables Digital Originals into its system and providing best-in-class eVaulting inside a fast and efficient digital process. These capabilities ultimately help them better serve their lending customers,” Meirink continued in a news release.
Executives also mentioned the integration can allow users of Lightico’s Digital Completion Cloud to manage authoritative copies of digital assets such as eContracts stored in eOriginal’s eVault offering easily and seamlessly.
The Digital Completion Cloud can enable B2C companies to complete processes such as auto finance originations and servicing, insurance claims and opening of new financial accounts in a quick and seamless fashion.
Lightico explained the no-code, mobile-first platform can unify eSignature, document collection, identification and verification, payment and more to enable B2C interactions to be completed in a highly convenient and efficient, multi-purpose channel.
“To successfully digitize your processes, speed and efficiency are just as important as the ability to store documents in a fully compliant fashion, which is why this partnership with Wolters Kluwer eOriginal is key to further bolstering Lightico’s offering for its clients,” said Zviki Ben Ishay, chief executive officer and co-founder of Lightico. “Furthermore, this partnership fills a critical need for many financial institutions on secondary financial market transactions.”
The exhibit booths of Inovatec Systems and Point Predictive were nearly adjacent during the Vehicle Finance Conference hosted by the American Financial Services Association last month.
Now the tech firms now officially are joining forces.
Last week, Inovatec Systems and Point Predictive said they have forged a strategic partnership, leveraging Point Predictive’s comprehensive, consortium-based credit data as part of Inovatec’s versatile loan origination platform, to reduce risks and increase efficiencies for automotive finance companies.
Inovatec’s agile, cloud-based solutions can allow financial institutions to speed both the underwriting and long-term management of paper through intelligent automation that can be customized to their needs.
The company said it loan origination and loan management systems are highly customizable and flexible, allowing lenders to change workflows and create new business processes as needed.
Inovatec co-founder and chief executive officer Vlad Kovacevic explained this technology, integrated directly with Point Predictive’s AI-powered data enrichment software, can enable finance companies to utilize better datasets and implement more accurate risk prediction to improve the quality and speed of the loan approval process.
“Point Predictive shares our philosophy that innovative technology is the best path to helping lenders securely and seamlessly address the requirements of a rapidly evolving market,” Kovacevic said in a news release.
“Point Predictive’s sophisticated, data-based fraud and risk scoring solutions — combined with Inovatec’s proven LOS offering — will give our customers stronger operational efficiencies, faster decisioning, and greater profitability, all with reduced risk factors,” he continued.
The company pointed out that the collaboration will build on Inovatec’s history of providing customers with sterling service and maximum flexibility.
Both companies are confident that Point Predictive’s artificial intelligence-based solutions and automation will help Inovatec customers attain high levels of efficiency and fraud-loss reduction.
“Inovatec has built a substantial business in North America, and currently has a 50 percent share of the Canadian auto lending market,” Point Predictive chief executive officer Tim Grace said. “Inovatec’s lenders can now leverage the power of Point Predictive’s growing consortium of enriched credit data, which can help reduce the risk of fraud while realizing the effectiveness of integrated automation.
“We are an ideal partner to help further Inovatec’s plans to enhance its services and expand in the United States,” Grace went on to say.
Sollensys Corp., a cyber security company specializing in ransomware recovery built on blockchain technology, and Constant, a provider of digitized, self-service technologies for banks and credit unions, now are working together.
The companies announced last week that Constant will be integrating Sollensys’ blockchain data archiving solution into its financial services platform.
According to a news release, this integrated solution will provide an immutable archive for transactions that take place on Constant’s digital loan servicing and loss mitigation platform, utilized by the banking industry.
Constant’s platform can enable borrowers and contract holders to self-serve loan management tasks that otherwise would require agent assistance.
Sollensys and Constant said financial services companies have seen an exponential increase in cyber-attacks in recent years, and many have not been able to increase their technology budget sufficiently to counter the ongoing threat. The addition of a blockchain archive for data will provide Constant’s clients with what it called a “leading-edge, embedded security advantage.”
The agreement was initiated and coordinated through Acadia Leadership Partners, an industry channel network and independent member of BDO Alliance USA.
“Sollensys brings a completely new layer of protection against malware and ransomware attacks,” Constant chief executive officer Catherine York Powers said in the news release. “Combining our technologies brings unparalleled protection to our platform.
“The collaboration between our software teams enables us to productize data safeguarding solutions for our banking clients and their customers,” York Powers continued.
Rather than starting with penetrable endpoints, Sollensys explained that it begins with securing a copy of what hackers want most to hold hostage and corrupt: organizations’ digital intellectual property and operational data.
Sollensys said that it exists to ensure companies and institutions never pay a ransom and their businesses can continue swiftly by safeguarding an immutable and uncorrupted copy of their data.
“Constant has an exceptional product that drives operational efficiency and customer engagement for banks and credit unions through smart automation,” Sollensys CEO Don Beavers said.
“Adding a blockchain component strengthens their partnerships in the banking sector in the fight against data thefts, ransomware attacks, and data breaches,” Beavers went on to say.
Lightico announced a partnership with banking technology solutions provider Nymbus on Tuesday.
The companies said the integration allows Nymbus bank and credit union clients to transform their customer communications with the ability to easily collect e-signatures, documents, payments and ID authentication in real-time and straight from the customer’s smartphone.
“As the face of banking continues to change with financial institutions of all types looking to provide best-in-class digital experiences for their customers, Lightico is excited to be partnering with Nymbus to further that offering,” said Zviki Ben Ishay, chief executive officer and cofounder at Lightico and one of the speakers on deck for the upcoming Auto Intel Summit on April 12-14 in Raleigh, N.C.
“Today, it isn’t enough to have only parts of your banking process digital,” Ben Ishay continued in a news release. “Consumers expect an intuitive and complete digital journey that lets them get things done wherever and whenever they want.”
Lightico’s Digital Completion Cloud is a no-code, mobile-first solution for companies that can enable them to complete high-friction interactions with customers quickly and seamlessly. Those interactions can include the onboarding or opening of new financial accounts.
Unlike existing siloed solutions offered by legacy eSignature providers, Lightico explained the Digital Completion Cloud can unify eSignature, document collection, identification and verification, payment and more to enable B2C interactions to be completed in a highly convenient and efficient multi-purpose channel.
Nymbus looks to enable banks, credit unions, brands, and fintechs of any size to accelerate growth through new routes to market and supports both the creation of new digital banks as well as the modernization of legacy infrastructure.
Nymbus was most recently named to CB Insights’ Fintech 250 list of the most promising companies for core banking and infrastructure.
“As digital continues to become the primary mode of communication and transaction for more consumers today, Lightico’s platform offers our bank and credit union clients a start-to-finish journey that matches consumer expectations,” Nymbus chief product officer Larry McClanahan said.
“Nymbus continues to lead with new opportunities and differentiated solution offerings, and we’re thrilled to include Lightico as a contributor to the innovation and growth we bring to financial institutions and their banking customers,” McClanahan went on to say.
The relationship with Nymbus continued the positive trajectory for Lightico, which in July landed an additional $14 million follow-on Series B funding round led by Capital One Ventures, bringing the total round to $27 million.
Equifax and Team Velocity Marketing want dealers to work with who they’re calling “perfect-time” shoppers — individuals who are credit-qualified and most likely to buy a vehicle now.
To get those shoppers to dealerships, Equifax and Team Velocity Marketing formed a partnership to deliver an innovative new subscription marketing service for dealers through Team Velocity’s recently launched qualified customer offering.
Using anonymized Equifax differentiated data assets, Team Velocity has developed a proprietary propensity score to identify and target these “perfect-time” shoppers.
With chip shortages impacting automotive inventory supply for the second year in a row, Equifax and Team Velocity Marketing acknowledged in a news release that competition is higher than ever for dealers to find the right shoppers who are ready to transact and can afford a vehicle.
Team Velocity explained that it utilizes lease-end insight and information to best identify consumers who are most likely to transact next, helping dealers deliver offers and drive sales conversion to prospective buyers with an average return on investment of 26:1.
As a sales agent for Equifax authorized to fulfill end-to-end prescreen programs, the companies highlighted that their tool can help dealers target and market to individuals who meet a variety of credit and financial requirements, including prospects with current or past automotive installment contracts and leases in accordance with Fair Credit Reporting Act (FCRA) guidelines.
Furthermore, the new subscription marketing service can enable dealers to target consumers in their geographic area with an offer across mail, email and online channels.
“Equifax has built its business with the understanding that more data powers better decisions. The company’s differentiated data assets and extensive geographic coverage is invaluable to our dealers in a post-COVID sales environment,”, of Team Velocity Marketing chief operating officer William Reilly said in the news release. “Our campaign distribution combined with the power of the Equifax data has generated tremendous ROI for our customers.”
Team Velocity partner Scott Fletcher added, “In 2021, our qualified customer programs with dealer customers not only helped increase ROI, but also helped improve inventory through trade-ins. By expanding our cross-media off lease and trade cycle strategy using Equifax data, we expect to build upon our success.”
Lena Bourgeois is general manager of automotive services for Equifax.
“Equifax has a long history and tradition of working with our automotive partners to develop innovative solutions for the industry. We are proud to bring our unique and differentiated data assets to help dealers more efficiently market to in-market consumers and drive sales,” Bourgeois said. “We are looking forward to helping Team Velocity bring this next iteration of omnichannel targeting to market with qualified customer.”
To learn more about this new subscription marketing service for auto dealers, view this video or visit thequalifiedcustomer.com.
Mitsubishi Motors North America (MMNA) and Santander Consumer USA are looking to make the vehicle-buying experience “fast, fair and fun.”
To achieve that goal, the automaker and finance company announced a new partnership to provide customer and dealer financing programs.
“Our experience creating and managing relationships, supporting dealer success and delivering industry-leading platforms, programs and training makes Santander Consumer USA the perfect finance and servicing partner to support the tremendous momentum that Mitsubishi Motors is experiencing,” Santander Consumer USA president of auto relationships Bruce Jackson said in a news release.
“We look forward to putting more customers in Mitsubishi vehicles, providing best-in-class service and celebrating many more successes in the future,” Jackson added.
Mark Chaffin is MMNA’s chief operating officer.
“Mitsubishi Motors is celebrating 40 years of doing business in the U.S. in 2022, and our future has never been brighter. We are turning heads with one of the freshest showrooms in the industry, we are shattering sales records, and our new partnership with Santander is going to play a key role in taking our success to the next level,” Chaffin said.
“Santander’s history of delivering outstanding customer service to both dealer partners and customers will be the foundation for the next chapter in MMNA’s growth.”
ForeverCar and Carvana announced a strategic partnership on Tuesday.
The digital omnichannel vehicle service contract platform and 2020 Emerging 8 honoree now is teaming with the e-commerce platform for buying and selling used vehicles to offer what they believe is the industry’s first, post-delivery vehicle protection plan as a true monthly subscription offering.
“Carvana cares deeply about delivering incredible customer experiences, and in ForeverCar we found a partner that shares this focus and technology-driven approach,” Carvana director of ancillary products Andy Lesko said in a news release. “They have been a collaborative partner in bringing products to market in a customized manner.”
Carvana’s decision arrived since the company made the claim to be the online auto retailer to reach 1 million sales the fastest.
While still based in Chicago, ForeverCar now is part of CUNA Mutual Group from Madison, Wisc., offering an omnichannel digital technology platform that is built to provides dealers with a “revolutionary” way to maximize vehicle service contract sales and retain warranty claims.
And now it’s working with Carvana.
“ForeverCar is extremely excited about our new partnership with Carvana to support their mission to build incredible customer experiences. Offering vehicle service contracts as a monthly subscription through a digital platform is a natural fit and the next evolution in digital retailing,” ForeverCar president Jason Shapiro said in the news release.
The fourth collection of Emerging 8 honorees will be highlighted during the Auto Intel Summit, which will be April 12-14 in Raleigh, N.C. The event is designed to answer the question of “what's next” regarding technology impacting how vehicles are wholesaled, retailed and financed.
And you can save as much as $400 with early bird discounts available until March 14.
More details can be found at www.autointelsummit.com.
Truist Financial, through its Dealer Finance and Regional Acceptance business groups, announced a partnership with AutoFi.
Under the agreement announced on Wednesday, financing options will be available to clients who are shopping for a vehicle through a dealer that partners with Truist or Regional Acceptance as well as the AutoFi platform.
The companies said this will enable clients to create and submit an online credit application.
“We are delighted to provide our clients with the ability to look at their car financing options quickly, conveniently and at their own discretion,” said Bill Jones, head of dealer retail services at Truist.
“We’re also enthusiastic about supporting our dealers that subscribe to the AutoFi service,” continued Jones, who was the Auto Finance Executive of the Year in 2019. “These dealers have made a commitment to providing a seamless, transparent, and safe digital transaction for clients. Truist’s partnership with AutoFi delivers on our commitment to offer ‘technology plus touch equals trust.’”
With the AutoFi service, the company said clients who apply online will see the Truist financing offer next to several competitors. Clients using this service get the benefit of seeing available financing options in real time.
Truist said it sees AutoFi as a technology company that delivers a trustworthy experience to all credit applicants in an equitable, transparent and easy-to-use experience.
“The addition of Truist to AutoFi’s lender network will provide consumers with more transparency and options on their digital car buying journey,” AutoFi chief executive officer and co-founder Kevin Singerman said in the news release. “We look forward to partnering with Truist to help redefine the future of automobile online sales and finance by making it easier and more equitable than ever before.”
Clients will be able to use the new service beginning immediately. Truist Dealer Finance and Regional Acceptance have almost 1,000 dealer relationships using the AutoFi platform today.
Lightico, whose next-generation digital completion platform can support millions of insurance, automotive, telecom and financial interactions, announced a partnership with PayNearMe, the payments platform known for making payments easy for both businesses and their customers.
According to a news release, the partnership will provide existing and new Lightico clients a wide range of payment options for their customers all from within Lightico’s digital completion platform.
The company said this capability can serve to augment businesses’ ability to complete B2C deals such as auto-finance originations and servicing digitally and instantly.
“Lightico’s Digital Completion Cloud enables businesses to digitally complete entire customer journeys seamlessly and match the ‘Amazon standard.’ The new partnership with PayNearMe is a significant step towards making all types of payments — including cards, ACH, digital wallets and more — accessible, easy and secure on the platform,” Ben Ishay said in the news release.
“Together Lightico and PayNearMe will accelerate the ability of businesses to complete end-to-end deals quickly and efficiently,” he went on to say.
Launched in September, Lightico explained its Digital Completion Cloud is a no-code, mobile-first solution for companies that can enable them to quickly and seamlessly complete high-friction interactions with customers such as auto financing, insurance claims and onboarding or opening of new financial accounts.
Lightico highlighted that its Digital Completion Cloud can unify eSignature, document collection, identification and verification, payment and more to enable B2C interactions to be completed in a highly convenient and efficient multi-purpose channel.
Meanwhile, PayNearMe reiterated that its technology can process cards, ACH, mobile-first options such as Apple Pay and Google Pay as well as cash via its proprietary network.
PayNearMe can enable management of the end-to-end customer payment experience through a single platform for thousands of businesses in consumer finance, property management, insurance and more.
“We are excited to partner with Lightico to deliver the payment experience and journey that consumers have come to expect.” said Joe Rodriguez, vice president of strategic partnerships and channel for PayNearMe.
“We’re meeting the challenge of making payment and deal completion as frictionless as possible for both consumers and businesses — truly a win-win,” Rodriguez added.
CarNow and J.D. Power are set to launch a new partnership during the first quarter.
The companies recently announced a strategic alliance that’s meant to integrate the J.D. Power F&I presentation solution with CarNow’s real time retail platform.
According to a news release, the direct integration of J.D. Power with CarNow’s platform can provide vehicle shoppers with online access to the J.D. Power F&I product presentation menu. CarNow’s retail platform then can unify the shopper’s online activity with the in-store experience.
CarNow reiterated that it can allow dealers to view and serve shoppers in “real-time” as they engage with a dealer’s virtual or physical showroom. It’s all geared to improve the customer buying process with no disruption to the dealers existing process.
Andy Wright is managing partner at Vinart Dealerships and offered this perspective about the partnership through a news release from CarNow.
“The partnership between CarNow and JD Power moves us one step closer to the seamless, streamlined process so many consumers wish to experience when buying a car. While most digital retail platforms are nothing more than glorified lead generation tools,” Wright said.
“CarNow continues to innovate, getting dealers that much closer to delivering the ‘start to signature’ omni-channel experience,” he added.
Executives at both CarNow and J.D. Power also are upbeat about what the partnership can do.
“This alliance is a significant step forward in the evolution of the dealer-customer interaction, and a win for our dealers and consumer shoppers who are asking for a user friendly and accurate F&I shopping experience. CarNow chief executive officer and founder Andy Park said. “J.D. Power enables CarNow to deliver on that promise.
“Today’s automotive retail buying experience frustrates consumers because there are too many points where communication with the dealership or the accuracy of the transaction breaks down and restarts,” Park continued. “These break downs lengthen the process, disrupt the flow of information, and weaken the transition between the online and in-store experience. Our platform solves that.”
Phillip Battista is president of dealership technologies at J.D. Power.
“Consumers want an easy-to-use F&I experience when moving from the web to the dealership, so this integration will provide a seamless transition into the dealership and into our flagship menu application,” Battista said.
“When the capabilities of two companies are shared for the benefit of both dealers and vehicle shoppers, it’s a notable achievement. Dealers will see the advantages right away and the customer experience will be better than ever,” he went on to say.
