Top 10 Auto Finance Solution Companies - 2020
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Top 10 Auto Finance Solution Companies - 2020

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.”

Top 10 Auto Finance Solution Companies - 2020

Top Auto Finance Solution Companies

PaymentVision Autoscribe Corporation

PaymentVision Autoscribe Corporation

As a biller-direct, PCI-certified, electronic payment gateway provider, Autoscribe Corporation’s PaymentVision division offers clients the unified ability to accept ACH, check, and credit or debit card payments, by phone or through Internet channels. PaymentVision offers a patented Hosted Tokenization technology that is a unique approach for the transmission and storage of financial data. Instead of storing card data of their customers, businesses can use tokens and can store and use those in diverse systems while lowering the chance of a data breach and escaping PCI-DSS storage requirements. Most importantly, payments can be processed without exposing an application to financial account data.

www.autoscribe.com

ASNSoftware

ASNSoftware

ASNSoftware provides custom software for Independent Auto/RV Dealerships, RFC's, Finance Companies, Flooring Companies, and Service Shops. The company believes that its customers will benefit from reminders. Even when all those payment reminders don't work, the software covers it with many tools to collect on the client's collateral. By utilizing ASNSoftware's Loan Origination System (LOS), the loans can be automatically or manually score and verified before sending a decision back. With the software, the client can receive aged loan packages in bulk, purchase seasoned loans that fit the client's criteria. After the loan is accepted and the paperwork is finalized, the papers can be imported into the system to begin collecting

Codix

Codix

iMX by Codix is a fully multilingual, multi-business unit and multicurrency market-leading software solution for Finance management, Early and Late Collection, and products in Commercial Finance. iMX can make businesses more profitable, by managing several types of financing for motor vehicles and two-wheelers, ranging from closed-end loans to fleet management, and including closed-end leasing and long-term rental. The software is all-encompassing from the point the sale takes place (dealer/broker) until the funding period ends. It is flexible, adaptable to the core business, and manages the entire leasing process in line with the clients' business needs

Darwin Automotive

Darwin Automotive

In 5 years, Darwin Automotive's Finance and Insurance Presentation Software utilizes big data and predictive analytics to automate the interview and create a personalized and effective selling process. The patented technology of the company looks at the overall deal, vehicle, and financial situation for each customer to determine the ideal presentation, which is proven to increase sales and decrease chargebacks. With Darwin Service, the technology and training to sell F&I products to customers like service advisors, finance managers, or equity specialists to offer valuable vehicle protection to every customer in the lane, is provided

Defi Solutions

Defi Solutions

The company’s account administration performs general ledger maintenance, payment posting, and account closeout and sale functions. The collateral management team simplifies the management of titles, end-of-term lease and balloon functions, and vehicle remarketing. Defi Solutions’ Customer care provides the tools to perform consumer fulfillment, complaint capture, and welcome calling. The default management solutions help manage collections, repossession, and bankruptcy activity with rules-based queuing and automated workflow tools

eOriginal

eOriginal

eOriginal is an expert that provides solutions for the adoption of electronic contracting solutions to extend existing loan origination, dealer management, and portfolio management systems. eOriginal’s eAsset® Management platform is recognized as the industry standard for the secure management of electronic assets. It enables the ability to “Start Digital and Stay Digital” from loan origination at the dealership through to the secondary market. This solution by eOriginal extends loan origination and dealer management systems for complete automation of the vehicle financing process for consumers, dealers, lenders, and investors

Eucon Group

Eucon Group

Eucon utilizes its automobile claims management solution by offering a digitized settlement process to reduce the claims and process costs for vehicle claims. It increases the efficiency of the claim process to uncover savings potential. Based on the company’s deep expertise and comprehensive market data, Eucon’s solution for the settlement of automobile claims is automated, cost-effective, and efficient, thereby realizing substantial savings potential. By adopting this method, additional value-creating potential can be harnessed, but profitability and competitiveness are also optimized. Eucon also uses specialized data extraction, which everything in one database, and creates the basis for efficient review and settlement

Intelligent Systems

Intelligent Systems

CoreCard Software is an all-encompassing dealership lending management solution with comprehensive features such as Fast inventory turnover with an in-house financing option supported by CoreCard. Its additional revenue stream can be leveraged to easily configure and to charge any fees or interest or a combination of both. CoreCard by IntelSys provides the best promotional payment plan that wins the customer from the competition without worrying about system constraints. It’s a private label credit solution that is entirely web-based and an In-house credit that assists a vendor to acquire more customers

Mitchell International

Mitchell International

Mitchell international provides solutions that is positioned to simplify, enhance, and accelerate claims handling processes across the finance industry through deep workflow solutions. These solutions provide unparalleled access to data, advanced analytics, and decision support tools. The company's expert workflow and adjusting solutions advance the claims management process by enabling automotive physical damage, bodily injury, and workers'​ compensation clients to process claims more accurately, consistently, and cost-effectively. Mitchell's comprehensive solution portfolio and robust SaaS infrastructure enable tens of millions of electronic transactions to be processed each month for over 300 insurance companies

Optimized Payments

Optimized Payments

Optimized Payments leverages its proprietary software and associates’ broad payments industry experience and insights to help auto finance businesses manage their payment processing costs and improve their bottom line. All of the company’s consulting engagements are focused on making lasting and substantial improvements to the performance of merchant services for the company’s clients. Consultants at Optimized Payments stay abreast of payment industry regulations, product initiatives, and market developments to ensure that they deliver the most up to date expertise. Optimized Payments solutions analyze areas of product, processes, and pricing optimization, recommend strategies, and then implement its recommendations