Consumer Portfolio Services, Inc., an independent FinTech dedicated to providing indirect auto finance to people with credit problems, low incomes or limited credit histories, continues to aggressively deploy solutions. machine learning and artificial intelligence to provide more flexible and more efficient payment capabilities. processing car loans. The company ended the year with three major partnerships to improve efficiency, significantly reduce funding times, and provide more payment options for borrowers.

The company chose Informed.IQ to automatically calculate earnings and collect and clear agency credit rules and documents, creating a better experience for agents and consumers throughout the checkout process. car loan. CPS expects Informed.IQ’s AI tools significantly reduce funding times.

For decades, CPS has focused on improving auto loan intelligence, becoming a leader in FinTech initiatives that improve the initial review process and financial decision-making. CPS now also helps automate backend service experiences and has partnered with Prodigal to better manage collections as well as labor and service processes. Prodigal is a Consumer Financial Intelligence solution that uses AI to analyze agent and borrower conversations and improve profitability, experience, and compliance.

From the customer’s point of view, CPS has designated PayNearMe as its primary payment partner. This partnership will accelerate the auto lender’s digital transformation and deliver a seamless customer experience across all types of digital payments. PayNearMe will eliminate on-site cash payments, significantly reduce the number of customers paying by check, and move the majority of customers to electronic payments with more payment options.

“Our whole business has become artificial intelligence and machine learning-driven, from credit to servicing,”

“Adding these three partners to our backend and front-end system at the start of the new year enables us to make the loan funding process easier, provide more accessible payment options for our customers, and use AI to effectively improve collections by reducing the workload.”

Mike Lavin, Chief Operating Officer with CPS.

Since the company began operations in 1991, as of September 30, 2022, the company has purchased over $19.7 billion in contracts and manages a total portfolio of approximately 2 $0.7 billion with about 185,000 customers. Artificial intelligence and machine learning have taken business decision-making to the next level.

At the end of the first quarter of 2023, the company will introduce a new AI-based credit decision model that will improve fraud detection, reduce credit losses, and increase approval rates. Later this year, CPS will introduce an AI-driven dashboard for its take-back and take-back system. This system will combine delinquent data with machine learning allowing the company to better analyze when to retrieve vehicles.