Repos are up. Delinquencies are rising. And in the middle of it all, Buy Here Pay Here (BHPH) dealers are bearing more risk than ever. With vehicle repossessions hitting 1.73 million—levels not seen since the 2008 financial crisis—delinquent auto loans aren’t just a customer problem— they’re a profitability problem.
In the latest episode of the “Shawcast” podcast, Justin Gann from Shaw Systems and Dawn Fretwell from PayNearMe discuss the emergence of Payment Experience Management in lending, and how this concept goes beyond the traditional customer payment experience.
You may be wondering, what’s going on in the automotive industry these days? Frankly, it’s a bit of a paradox. On one hand, threats of high tariffs may make production more costly and complex. Ironically, despite potentially higher costs, a sense of urgency is fueling demand among buyers who don’t want to miss out before prices spike.
Today’s e-commerce experiences are fast, easy and frictionless. Consumers are exchanging money with family and friends using peer-to-peer payment applications such as Cash App, Venmo and PayPal, and they rely on digital wallets to effortlessly make e-commerce transactions from their mobile devices. So, why do so many bill pay experiences still feel dated?
As profit margins tighten and operational costs rise, lenders are under more pressure than ever to streamline their payment operations. One often-overlooked area with outsized impact? The bill pay experience.
AI and ML give operators the power to help increase profitability, deliver more effective payment experiences and reduce operational complexity. But what does that look like for the iGaming industry on a practical level?