The top 3 threats to auto lending ops you can tackle with generative AI

The top 3 inefficiencies in auto lending ops to target with generative AI

Auto finance teams are facing a perfect storm of challenges, including rising delinquencies and repossessions, escalating costs, compliance pressures, and increased customer expectations.

And old solutions haven’t been able to rescue them.

But generative AI is delivering new options to help streamline inefficient workflows, reduce repossessions and delinquencies, drive revenue, improve customer connections, and achieve 100% compliance coverage.

Finding room for improvement

Improvement starts by targeting the top inefficiencies threatening auto lending success.

1. Repossessions and delinquencies

Thanks to sky-high interest rates and car prices, delinquencies and repossessions are nearing or reaching rates not seen since 2009-2010. Troubled accounts cost more to service, and the price tag for surrender and repossession is even higher.

2. Compliance audits

Quality assurance (QA) and compliance auditing are vital to meeting regulatory standards and delivering quality customer experiences.  But traditional approaches are resource-intensive, error-prone, and still only deliver 2-3% coverage.

3. Servicing success

Thin margins and understaffing paired with rising customer expectations and regulatory attention make for a lot of work.

Auto lending servicers need ways to ensure their operations are efficient and effective while containing expenses and maintaining customer loyalty.

Putting generative AI to work in auto lending

As Shantanu Gangal, CEO of Prodigal, explained, “Anything you are doing several times a day or that you spend several hours in a month doing is something you should figure out how you can automate.”

That’s why Prodigal trained its AI Intent Engine on more than 300M consumer finance conversations like the ones auto finance teams have with their customers every day.

Improve QA efficiency and compliance auditing

Because Prodigal’s AI can review and score customer conversations in a fraction of the time it would take a human, QA and compliance workflows can be reduced by 75% while coverage increases to 100%.

Empower agents with real-time AI assistance

Prodigal’s AI delivers real-time agent support with intelligent guidance, automated scripting, and instant access to relevant information as well as automated notes.

By using AI to support representatives as they interact with customers, auto loan servicers can achieve 50% faster ramp-up times for new reps and increase one-call resolutions.

Harness data for actionable insights

AI-driven analytics, using customer data auto lending businesses collect every day, go beyond automating daily tasks to deliver valuable insights and actionable strategies.

Prodigal’s generative AI analyzes information from customer conversations and produces insights that drive real shifts in costs and revenue.

For delinquencies and repossessions, Prodigal’s AI can spot warning signs and arm agents with strategies to interrupt those patterns, avoiding repossession or surrender.

It can also offer strategies for the best contact time, message, and channel, capture complaints, and identify agent issues for immediate action.

That level of insight and action has never been possible before, and is only available thanks to Prodigal’s focus on AI for financial conversations.

Prodigal’s generative AI can help you build a more effective auto finance team without sacrificing the customer experience.