Tag Archives: auto loan portfolios for sale
Refinance Startup to Stretch Footprint, Double Lender Partners by Yearend
Online Platform Drives 15% of PenFed’s Direct Loan Volume
Navy Federal to Strengthen Mobile App as Consumer Preference Evolves
Navy Federal Credit Union is looking to bolster its digital presence as members increasingly turn to online channels to finalize the vehicle finance process, company Consumer Lending Product Strategist Jennifer Felts told Auto Finance Excellence.
In the first quarter of 2019, more auto loan applications came in via the credit union’s digital channels than its call center and branches. Auto loan applications submitted through the credit union’s online and mobile channels increased to 53% in Q1 2019, up from 49% the same period the year prior, Felts said. The mobile app accounted for more than half of those applications.
Also read: Navy Federal Reinforces Customer Service With Tech
“For now, we’re just focusing on making that member experience better through convenience and ease of use through the mobile app,” Felts said. Specifically, consumers can expect to see improvements made to mobile features such as the financing platform and auto loan calculator tools. Expanding car shopping and financing capabilities on the mobile channel are also top of mind for the credit union, Felts added.
Already, Navy Federal’s mobile app enables members to manage and automate auto loan payments as well as access the P2P lending platform, Zelle, via Navy Federal’s mobile app.
Felts, who helps with Navy Federal’s market research, competitor analyses, and product pricing, said incorporating educational features on the mobile app is another critical strategy for the credit union. “We already provide educational content through our education website that helps members in different phases of car buying,” Felts said. “We definitely have those resources online, but we’re really focused on incorporating that into this whole holistic view of the process.”
BMW Financial to Explore Compliance Strategies at Auto Finance Risk Summit
Photographer: SeongJoon Cho/Bloomberg
BMW Financial Services’ compliance manager, Richard Corthell, has joined the speaker faculty at the Auto Finance Risk Summit to discuss the various ways lenders can establish an organizational structure that assigns compliance responsibility.
Corthell takes the stage on Thursday, May 16 at 9:05 a.m. PT for a presentation where he’ll guide the audience through strategies for incorporating compliance into everyday workflow and using technology to improve compliance efficiency and effectiveness.
At BMW Financial Services, Corthell manages a team of compliance professionals responsible for the operation of a compliance management system, federal and state regulatory examinations, and data privacy.
Auto Finance Risk Summit will explore other topics as well, including how lenders can improve risk management through digital transformation; the keys to managing social media risks; and a regulators’ roundtable with speakers from the Consumer Financial Protection Bureau and the Federal Trade Commission. View the full agenda by clicking here.
The event is part of a weeklong series called Auto Finance Accelerate, which includes the Auto Finance Sales & Marketing Summit and Auto Finance Innovation Summit. It will take place at the Omni San Diego, May 13-16.
To learn more — or to register — for this year’s event, visit the Auto Finance Accelerate homepage here.
Uber’s Self-Driving Arm Gets $1 Billion Investment Ahead of IPO
AFN Announces DEMOvation Participants
© Can Stock Photo / rendeeplumia
Auto Finance News has selected seven startup companies to compete in the third annual DEMOvation Challenge, a showcase of new technology. The event takes place at the Auto Finance Innovation Summit — part of Auto Finance Accelerate — at the Omni Hotel in San Diego, California on Tuesday, May 14.
The seven startups that will be taking the stage in San Diego include:
- Aclaro, a risk management tool powered by artificial intelligence and machine learning
- Bloom, a blockchain solution for secure identity and credit scoring
- CarDeals2Me, a mobile application that connects consumers with dealers and lenders
- Dasceq, a platform that optimizes collection efforts with data-driven insights
- DriveItAway, a company that connects rideshare drivers with dealerships’ idle stock
- Launch Mobility, a full-service solution to help manage mobility services
- TurboPass, a multi-channel distribution platform that delivers validated consumer “ability to repay” data
The winner of the DEMOvation Challenge will receive an advertising package on AutoFinanceNews.net worth up to $10,000.
The Auto Finance Innovation Summit will explore what disruptive technologies have true importance to the industry, and beyond that, how those technologies can be refashioned to break auto finance’s mold.
Join us for two days of sessions featuring executives from financial institutions and cutting-edge startups exploring topics like the latest trends in direct lending, practical applications for machine learning, artificial intelligence, and data analytics.
To register, or to learn more about the 2019 event, visit the Auto Finance Innovation Summit homepage here.
Md. Senate Committee Rejects Bill to Preserve Watchdog Agency, Mandate Dealer Rate Disclosures
Digital Customer Experience Takes Center Stage at Auto Finance Sales & Marketing Summit
© Can Stock Photo / meepoohyaphoto
Distinguished executives from USAA Bank and CarFinance.com are set to discuss best practices for optimizing the digital lending experience at the Auto Finance Sales & Marketing Summit during a session entitled “Delivering the Digital Customer Experience.” The discussion will take place Monday, May 13, at 4:00 p.m. PT at the Omni San Diego.
The panel will feature an open dialogue between Renee Horne, vice president of consumer lending experiences at USAA Bank; and Craig Hewitt, chief executive at CarFinance.com.
With technological innovations making waves in the industry, it’s a revolutionary time for auto finance. More lenders are pushing into the digital lending space through partnerships or creating their own proprietary systems. But what is the industry doing to make advancements to the digital customer experience?
In recent years, companies have made strides in their digital lending portals. In September 2018, USAA Bank started to pilot a car-buying augmented reality app that allows consumers to scan cars on the road and apply for an auto loan from local inventory right on the spot. Augmented reality is one example of how lenders can leverage innovative technology to create dynamic digital customer experiences.
The executives will discuss other trends and best practices in sales and marketing, such as what lenders need to know about customizing mobile apps and app integration, social media do’s and don’ts, and digital personalization features like video chat.
The event is part of a weeklong series called Auto Finance Accelerate, which includes the Auto Finance Innovation Summit and Auto Finance Risk Summit. To learn more — or to register — for this year’s event, visit the Auto Finance Accelerate homepage here.