95% of Auto Finance Lenders Have Begun Using AI in Some Aspect of their Business

A March 2023 survey of over 2,500 auto finance executives revealed that 95% have started using artificial intelligence in some aspect of their business. Loan processing and funding was the area in which AI was most commonly utilized, followed by credit application and decisioning, and the securitization or collateralization processes. Despite this widespread adoption of AI tools, lenders still described certain obstacles when implementing these tools. 37% of companies reported resistance to change as their biggest challenge, while 27% encountered difficulty integrating with legacy systems. Nevertheless, only 8% of respondents said they would not invest further in automation, with the vast majority planning to continue adopting AI tools as a way to streamline and improve the overall lending process for both lenders and consumers.