Collections & Recovery in Automotive Finance

Collections & Recovery for Automotive Finance

Optimize your collections and recovery with prescriptive analytics.

Changes are underfoot in today's automotive finance industry. Better engage your customers with an analytic approach to collections and recovery and lay the foundation for success regardless of what market and regulatory conditions come your way next.

Solution Details

No matter what lies ahead in the automotive industry or what global interest rates will do, it's clear that financing companies today must get more out of their in house (first party) and outsourced (third party) collection and recovery dollars while ensuring they don't damage the customer experience in the process.

A customer who is late on a payment may simply be a good customer who was busy and forgot this month, or it may be a customer who is under financial stress and a risk of non-repayment, or in some cases it might not be a customer at all but a synthetic identity from a fraudster. Using a scientific approach to deeply understand your customers with analytics empowers you to provide the right treatment to the right customer on the right channel that works best for them. This approach drives real business results and allows you to move at the speed of digital customer engagement.

  • Improve agent productivity for debt management with a system of record and context sensitive guidance designed for automotive collection best practices.
  • Leverage automated voice, text (SMS), email and mobile app notifications to increase success rates for your communications and avoid repossession.
  • Take advantage of FICO's leading optimization capabilities to create highly targeted segments that can not only predict customer behavior but prescribe specific treatments that will improve your business outcomes and prevent customers from reaching delinquency in the first place.
  • Efficiently apply your debt collection agency dollars by matching the right customer to the right agency.  Gain better insights into the management of your agencies and report on their performance.
  • Orchestrate credit risk decisions across the lifecycle and treat your customers not as transactions, but as long-term customer relationships across all products and offerings.

Teams we work with:

  • Collections — Do more with less and modernize your legacy technology with an advanced analytics platform that gives you control, insights, and optimization across first- and third-party efforts. Shift your channel mix to promote self-service with automated communications and help your agents do their best work.
  • Line of business — Leverage the latest in analytics and machine learning to achieve and exceed your portfolio objectives. Quickly launch new offers, reduce fraud and ensure regulatory compliance.
  • IT — Take a platform approach to empower business users to make key changes, improve governance and improve agility.
FICO® Xpress Optimization

Toyota Financial Services

Learn how Toyota Financial Services uses data science to keep customers from losing their cars.

Solutions for Automotive Finance

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Resources

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FICO® Collections Optimization

FICO® Collections Optimization transforms collections and recovery(C&R) effectiveness and customer connectivity by applying powerful, easy-to-use analytic tools to address business objectives, such as optimal resource allocation and ro...
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Best Practices in Using Automated Communications throughout the Auto Finance Customer Lifecycle

New auto loan customers represent a tremendous opportunity. For banks, they represent an opportunity to establish new, multi-product relationships. For captive auto finance companies, they represent an opportunity to establish and/or stren...
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FICO® Customer Communication Services

Today, customer engagement has taken on much greater significance. It's no longer enough to identify who needs to be contacted. Now it's critical to know how to contact and communicate with that customer — effectively. FICO® Customer Commu...
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Hot Topics Q&A: Applying Analytics to Collections Contact Strategy

With so many different communication channels and treatment options available to them, today’s collections organizations are increasingly interested in using analytics to help determine what channels to use to treat different accounts and ...