As an evaluation firm articulated the top seven steps to follow within a software development life cycle, a provider of cloud-based software solutions for all financial institutions announced the results of its latest survey focused on the need for artificial intelligence (AI) in auto financing.
Inovatec Systems Corp. released its study findings this week that showed 79.3% of C-Suite finance executives polled overwhelmingly reported their organization was most in need of AI integration in their automotive financing processes.
Although Inovatec insisted in a news release that it’s no surprise businesses are increasingly interested in automating processes and utilizing intelligence tools, respondents prioritized AI integration business transformation over cost reduction, process improvement, workflow management, product launch, digitalization and documentation needs.
The survey revealed a glaring need for process automation for financial organizations, especially automotive finance companies.
Approximately 81% of finance companies polled said they are not currently using an online digital origination channel that leverages process automation. However, most participants (36%) said their current system struggles with operational issues, and nearly half (43%) said compliance requirements are also the leading reason why they would consider a process management solution.
When asked what specific challenges they faced in finance processing, 52.6% admitted the process was too complicated and required too many steps. Inovatic noted 23% percent said the process takes too long, and 27.4% said the system was not easy to navigate.
In a separate news release, Top Software Development Companies identified what it contends are the top steps to follow within a software development life cycle. Top Software Development Companies is a firm that analyzes the best software developers from around the world to determine the leading software development firms across all specialties and in all locations.
Those seven steps included:
2. Requirements and analysis
3. Design and prototyping
4. Software development
6. Software deployment
7. Operations and management
“Software development projects are complicated initiatives that require hefty budgets and plenty of time,” the firm said. “Therefore, it is imperative that businesses partner with the best software development agencies who can follow proven processes in order to make software solutions efficient and offer a strong return on investment.”
And Inovatec is looking to be that firm. To obtain a complete picture of the AI situation, Inovatec also surveyed a group of consumers who recently purchased or sold a vehicle and asked about their experience surrounding vehicle financing.
Among the 125 consumers polled, 72% of sellers stated that once a buyer was interested, securing financing took the longest amount of time; followed by transfer of title or paperwork and price agreement.
When asked what their biggest complaint was in financing their last vehicle, 59.2% said the process took a long time from start to finish, and another 21.4% said there were too many steps involved.
“The survey sheds light on the fact that lenders and consumers both recognize the need for more efficient lending processes and procedures in the marketplace,” Inovatec vice president of sales and marketing Bryan Smith said.
“It’s clear that artificial intelligence process integration is a top priority for lenders. The strategic implementation of AI and machine learning tools enables lenders to focus on improving the finance process for each individual customer in a more seamless and accurate fashion.”