Auto Finance Leaders Cite Reduced Fraud and Increased Speed as Top Benefits of Automation in the Lending Process

21% of auto finance leaders cite reduced fraud as the top benefit of automation in the lending process, followed by increased speed (19%), improved accuracy (18%), and lower costs (18%), according to an online survey of over 2,500 auto finance professionals by Informed.IQ. Despite these benefits, 44% of respondents have yet to incorporate AI into their workflows due to a lack of buy-in from the C-suite. Budget constraints and lack of knowledge or experience implementing automation into the lending process were among other top concerns.

“Automation is not just a convenience; it’s a strategic imperative in today’s fast-paced environment,” Informed.IQ stated in a news release. “By incorporating advanced automation into lending procedures, lenders can make more informed and timely decisions, reduce operational costs, and, most importantly, provide an unparalleled experience for their customers.”