Risk & Compliance 2019 US Consumer Survey of Vehicle Finance Perceptions: 5 Takeaways

Auto Finance 2019 US Survey

Given new and disruptive innovations in the auto industry such as driverless cars, collaborative economy models with companies like Uber and Lyft entering the mainstream, new subscription ownership models, and the overall shift to digital experiences, it’s clear that the vehicle industry is experiencing tremendous change. Does this extend to consumer experiences and perceptions around vehicle financing? To answer that question (and more), FICO has released the findings from our second annual global consumer survey on vehicle finance perceptions. We collected consumer data from 2,000 consumers across nine countries: US, Canada, UK, Mexico, Spain, Chile, Germany, New Zealand, and Australia. Below are some key takeaways (and a few surprises) that we uncovered. US consumers showed an increasing appetite for online financing—an 8% YoY increase 13% of U.S. consumers acquired their most recent auto loan online, compared to only 5% in 2018, representing an 8% YoY increase for online financing. More than... [Read More]

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Risk & Compliance Myth Busting with Clever Girl Finance and Jenelle Dito, FICO® Score Open Access Program


Bola Sokunbi of Clever Girl Finance recently chatted with Jenelle Dito, Director, FICO® Score Open Access program, for her podcast episode ‘Dispelling The Most Common Credit Myths’.  Jenelle shared her personal story with money, what she learned in the process of her own money challenges and how people can empower themselves with credit knowledge. This follows the FICO Score Open Access program hitting an important milestone!  The program now reaches more than 300 million consumer accounts, provides free access to the FICO® Score used by lenders for credit decisions and the factors that affect them.  Participating institutions deliver the scores to their customers via a variety of channels, including online banking websites, mobile applications and paper statements.  More than 170 financial institutions participate in the FICO® Score Open Access program including eight of the top 10 credit card issuers.  The FICO Score is the standard measure of U.S. consumer credit risk used in more than 90 percent of consumer lending decisions in the U.S. In addition, FICO® Score Open... [Read More]

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Risk & Compliance Banking Royal Commission An Opportunity For Digital Innovation

Banking Royal Commission

Australia’s Banking Royal Commission delivered its final report at the start of February; the culmination of 14 months, 10,232 submissions and 7 rounds of public hearings into the banking, superannuation and financial services industry. The Commission uncovered a number of issues relating to account lifecycle management by banks, remuneration and incentive schemes that disadvantage customers and some serious examples of misconduct in a number of industries. The findings made by Kenneth Hayne will have serious consequences for organisations both now and into the future. Volume 1 of the final report runs to about 500 pages with an expansive list of recommendations. The enquiry looked into misconduct and the issue of culture and governance in each industry and the execution of regulation by both industry bodies and regulators. Banks and other financial institutions will need to demonstrate more rigour around the decisions they make and their key delegates will need to take more... [Read More]

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