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Artificial intelligence is transforming the way financial institutions manage risk, and another perfect example can be found in auto loan servicing.
Over the past few months, we’ve visited with more than a few auto loan servicing executives who were excited by the prospect of doing more to mitigate loss at a lower cost with these new tools.
Sophisticated AI models are now being deployed to identify early warning signs of borrower distress with remarkable accuracy.
These digital tools can detect deviations in payment patterns, shifts in credit usage, and even changes in borrower sentiment through natural language processing.
That’s a game-changer. But it’s not enough to win the risk mitigation game.
The Missing Piece in the AI Toolbox
AI is getting better at spotting trouble, but when it does so, it simply alerts its user. It can’t solve the problem. It can’t knock on a door.
It can’t stand face-to-face with a borrower, listen to their story, and hand them a personalized plan that could help them avoid repossession.
One day, there may be 10,000 field service robots, mowing lawns and knocking on doors. But it won’t be any day soon. For now, and the foreseeable future, we’ll need a trained human staff to handle that.
Because when that live, human connection is missing, too many good borrowers slip through the cracks.
This is not to say we should push back against the AI revolution. Far from it! It’s a partnership. What the AI flags, a skilled field agent can often fix.
When a real person from NCCI Services who has been fully trained, is empathetic, and prepared to represent your brand meets a borrower at their home, everything changes.
That borrower suddenly sees that they’re not just a data point in a system.
They feel seen, heard, and supported. They stop hiding and dodging your calls.
In our experience, more often than not, they’re willing to listen to options that might bring them current and protect their vehicle and the lender’s loan.
This is where the human touch becomes the difference between charge-off and cure, between great success and just trying to reduce loss severity.
When Robots and Real People Work Together
The best risk mitigation programs we’re seeing in the market today use AI and human field services in tandem.
AI identifies who needs help and when. Field agents step in to deliver that help directly, in a way no automated system can match.
We’re seeing this combination work exceptionally well in the auto loan space, though it’s certainly not limited to that business. This is why we’re working to integrate more AI power into everything we deliver here at NCCI.
In the auto space, we’re seeing delinquencies rise. Servicers are under pressure to reduce losses without alienating borrowers. That makes NCCI a good partner for the servicer’s existing AI-driven default servicing system.
By integrating technology-driven insights with personal outreach, our clients are keeping more borrowers in their vehicles and more accounts in good standing.
That’s the kind of win-win scenario that technology alone just can’t deliver.
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