With rampant innovation in e-commerce, the auto finance domain is undergoing drastic changes for enhanced customer experience. At the heart of the transformation will be an improved financing workflow tailored to reduce the friction in the transactions. While the lending market looks very different than it did a decade ago, trends show that a more significant number of customers are keeping a close tab on lending rates and auto prices online to find the financing companies that offer the best deals.
In 2020, the auto finance market will embrace new changes. Firstly, a digitally empowered workforce will become imperative. Companies can be expected to accelerate the lending decision process using sophisticated analytics and intelligent operations. In addition, expertise in the end-to-end payments ecosystem will be vital for organizations to identify new innovation and support evolving operating models.
Owing to the fact that ride-sharing platforms are serving customers in unique ways by embedding themselves in a broader mobility ecosystem, it is expected that data will have to move beyond a company’s centralized data lakes and into data rivers. In simple terms, it has to get into ecosystems that generate data from multiple stakeholders to make way for attractive offers.
Moreover, auto finance companies will begin to use data more smartly through artificial intelligence (AI). In the last few years, AI has been playing a significant role in making important decisions. In fact, many companies are utilizing AI for risk assessment.
In the wake of these emerging trends that will be playing a crucial role in the auto finance sector, CFO Tech Outlook has compiled a list of top 10 auto finance solution providers that exhibit competence in delivering robust and efficient auto finance solutions. We hope this issue of CFO Tech Outlook helps you build the partnership you and your firm need to enable technologically-driven auto finance experiences.
We present to you CFO Tech Outlook’s “Top 10 Auto Finance Solution Providers - 2020.”