U.S. Indirect Auto Finance: Nobody Does IT Better, Part Two
Report Summary
U.S. Indirect Auto Finance: Nobody Does IT Better, Part Two
Auto finance IT innovators are prized, but only when solving real problems or advancing financial initiatives.
Boston, February 25, 2015 – The number of U.S. consumer auto loan accounts managed by regulated financial institutions hit 71 million in 2014, with balances steadily moving to US$1 trillion; nevertheless, this industry’s outlook could change on a dime. Through the years, the one constant for indirect auto lenders has been the innovations in and strength of the industry's IT infrastructure. But with current portfolios that require more work and promise lower returns than prerecession portfolios, IT tools that facilitate processing and minimize risk exposure are more critical than ever.
This research presents auto-industry-specific credit IT tools developed to facilitate cost-effective, efficient, and innovative credit processing while minimizing financiers' exposure to critical risks; it also profiles the offerings from CGI, FIS, Fiserv, Oracle, Equifax, and Zoot. It contains analysis from ongoing discussions with and interviews of senior management at U.S. banks, credit unions, and finance companies. This report is the second of two reports focusing on indirect auto financing; find the first here.
This 30-page Impact Note contains eight figures and two tables. Clients of Aite Group’s Retail Banking & Payments service can download this report.