Innovations in auto finance analytics will help lending professionals analyze processes and portfolio performance without an extensive database.
FREMONT, CA: Before walking into a car dealership, potential buyers will start their shopping process online, browsing or choosing cars and finance options. Auto dealers who don’t have an effective digital strategy are automatically left behind. They will lose business to peers who have developed advanced analytics and digital services to interact with customers at the right time with the right offer. Auto lenders, who restructure the customer journey with digital technologies underpinned by data analytics, can scale their new business volume and enhance efficiencies. Here are three auto finance analytics innovations reimagining the industry.
• Analytics Combined with Loan Origination Systems
The significant innovation in auto finance analytics may be the native integration of analytic and reporting potentials with the loan origination system. This will eliminate the time and cost of combining add-on analytics software that often needs to understand the data warehouse schemas and custom coding. With native integration, analytics and reporting are an extension of a loan origination system, enabling lending professionals to seamlessly obtain access to the information required to improve lending practices.
• Pre-Configured Dashboards and Reports
LOS software providers who have supported lending businesses know what information lenders want to closely monitor business performance. Natively-integrated analytics and reporting give lenders an extensive range of pre-configured dashboards and reports that make it seamless for lenders to monitor origination trends, operational efficiency, collateral valuations, and credit approval metrics. Dashboards enable business users to create reports that visualize performance. Users can apply filters to focus on data subsets or loan details. Pre-configured dashboards and reports offer lending insight without the requirement for in-depth analytical skills.
• Out-of-the-Box Analytics and Reporting
Out-of-the-box analytics and reporting make it seamless for line-of-business professionals to quickly get insight into vital aspects of lending performance. Using the dashboard, users point to opt relevant data fields, group data, or filters as required to summarize activities, track developing trends, and unearth potential opportunities for process enhancement or risk mitigation. Reports can be run on-demand to monitor performance in real-time or scheduled to run on a schedule. Reports can be shared easily and securely and downloaded for future reference.