Auto lenders are not yet ready to turn credit decisions over to artificial intelligence and machine learning; Mike Kane, Ally Financial Services’ vice president of consumer credit talks about the prospect of using big data to make credit decisions, “In the next three to five years, we’ll try to figure out what we have”; despite all the advances in technology to assist with auto lending decisions it remains primarily a human effort today. Source.
Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.