If you were an early adopter of transcription-based tools, you know all their shortcomings.

You probably have not-so-fond memories of (or maybe you're still dealing with) garbled transcriptions, clumsy manual workflows, and reporting that only offers a list of problems with no way to solve them.

You've needed something better since the day you signed up for it. You're driving a Yugo, but you really need a Lambo.

What auto finance is dealing with

Auto finance isn’t like other loans. For many people, their cars equal their livelihoods, not to mention their identities and a significant portion of their monthly budget.

And with car payments climbing ever higher, delinquencies rising, and customer expectations shifting, you don’t need a typewriter. You need solutions to help you:

• Block repossessions and surrenders
• Improve payment rates
• Strategize using patterns in borrower interactions
• Analyze borrower communication preferences and messaging
• Support customer service representatives in real time
• Spot opportunities for cross-sells, up-sells, and retention

So let’s talk about swapping your tired old clunker of a transcription-based customer interaction tool for a sleek new AI model.

1. Reliability

When transcription-based speech analytics first launched, you heard a lot of promises about how it would transform auto loan servicing: Reduced headcount! No dedicated human resources! Hands-off transcriptions!

And then….you hit reality:

• False positives and negatives
• Hiring a dedicated speech analyst
• Unreliable transcriptions
• No industry knowledge

We’re not going to lie to you. AI can’t do everything. (That terrifying AI-generated pizza commercial is proof.)

But here’s something AI can do: Capture and analyze your customer conversations with human-level accuracy.

That’s because AI can do two things transcription-based tools can’t do.

First, AI can understand context. Instead of your speech analyst sitting around trying to think of a dozen words that rhyme with “supervisor,” AI solutions can look at the context of the conversation.

Second, AI can learn. 

Look, transcription-based tools are going to act like it’s the first time they’ve heard the word “supervisor” every single time. But the more conversations you give your AI solution, the better it gets at understanding.

2. Immediacy

Transcription-based tools operate on a delay. But AI tools can work in real time.

For instance, your loan servicing representatives probably have scripts they use with borrowers. Maybe those have been digitized or made interactive in some way, but they’re not responsive.

Real-time agent assistance solutions powered by AI follow the path of borrower interactions, including tone and sentiment, and use machine learning to improve.

These interactive options guide your auto finance representatives to the best outcomes to benefit borrowers and your team, including tips on upselling or preventing churn or repossession.

Another place where AI can deliver relief for agents and customers is automated call notes. 

Asking your reps to keep notes of borrower interactions is vital for both customer service and regulatory compliance. But that task means agents are multitasking during calls, distracting them from connecting with the borrower and increasing silent time.

But generative AI can deliver complete, accurate call notes in seconds, leaving the representative free to improve the borrower’s experience by focusing on their questions and concerns.

‍3. Flexibility

Transcription-based analytics do only one thing. They transcribe (and, as we’ve mentioned, they don’t always do that very well).

So if you’re trying to get anything out of them, like a QA audit or an agent evaluation, you can never quite trust what it delivers.

But AI can do…well, whatever you ask it to. (Except make pizza commercials.)

We’re seeing auto finance teams using AI solutions for end-to-end solutions, from improving originations to delivering 100% compliance coverage with human-level accuracy.

But that’s just the beginning. 

What’s really exciting about switching to AI is how auto finance teams like yours can take all that information contained in the borrower interactions you have every day and use it to improve your business by:

• Spotting warning signs of delinquencies
• Building customized, responsive communication strategies and messaging
• Using repossession and surrender patterns to proactively stop losses
• Triggering up-sell, cross-sell, and retention plays based on customer life events

Let’s get you started.

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