LAS VEGAS — Financial institutions have used AI in varying capacities for decades, but recent enhancements to the technology have auto lenders looking to it for decisioning, automation, communication and consistency within their operations. 

In a discussion of the implications of AI in decisioning at Auto Finance Summit 2023 today, the following auto lenders weighed in on their recent use of the tech.

BECU: “We use [AI] each and every day,” Jayson Amandus, vice president of indirect lending at BECU, said. The Tukwila, Wash.-based credit union has used AI for 20 years, he said, noting that it is used within the credit union’s customer scorecards.  

As the technology evolves, BECU is identifying use cases including how it can be used internally within credit models, he added. 

Fifth Third Bank: “We always strive to increase your auto decisioning,” Craig Harter, head of indirect lending at the $206 billion Fifth Third Bank, said. 

The bank recognizes that AI within decisioning presents opportunities to improve not only consumer experience but also regulatory compliance as AI brings more consistency to lending practices, he said.  

Nissan Motor Acceptance Co.: Andre Medeiros, vice president of operations at NMAC, agreed with Harter. In the future, more information is going to be part of credit decisioning and AI can allow for better communication with dealers, opportunity for predictable insights and improved consistency throughout the lending process.