How AI enables credit unions to overcome today’s auto lending challenges
We recently held a webinar with NAFCU covering “Disruption and Digitization in Auto Finance.” Val Gui, Vice President, Automotive Lending at Upstart, highlighted the opportunity for credit unions to capture a portion of the auto lending market and deliver a best-in-class service for their members.
While the auto lending market represents over one trillion dollars in outstanding loan balances and auto sales have been on the rise for a decade, lenders have consistently struggled to build large, profitable portfolios of auto loans.
Offering the best digital experience possible for auto lending has been a challenge for credit unions because it requires mastering the following:
- Fast Funding – Today, online shoppers are used to immediate gratification and it is incredibly important to provide quick, online service along with real-time visibility into application status for members. Rather than being left in the dark on where they stand with loan approval, members expect to have their loans approved and funded within minutes, not days.
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