The dust has settled from attending our first Auto Finance Innovation Summit in San Diego and I am even more convinced that the auto finance industry is in an accelerated state of application modernization.
This is being driven largely by consumer interest in new ownership models and consumer demand to have impeccable user experience when purchasing or refinancing a vehicle.
Executives from companies such as Carvana, CarFinance.com, Fair.com talked about their approach to product development and how they're trying to disrupt the way people purchase and own their vehicles going forward. Very interesting to see how these companies are trying innovative models to improve the experience of buying, financing or refinancing a vehicle.
One of the things I was also excited to see was how the industry is embracing AI and Machine Learning so early. Session presenters largely made their specific points offering a balance of how AI will shape the future with the disruptions and risks that will undoubtedly follow.
One session focused on Machine Learning and how it improves predictive power, using modeling techniques to extract deeper insights and value from existing data, for example; and how AI can identify hidden patterns of important customer behaviors, both of which go to reducing risk for the lender.
How long this tech-fueled disruption will persist was up for debate, but what is clear is companies must embrace automation and data-driven insights to successfully navigate to the other side and achieve competitive advantage.
At our booth we had a variety of conversations with companies looking to modernize their systems. Undoubtedly, Cloud computing plays a major role in modernizing legacy applications and make them more robust, secure and scalable.
We've made many investments in our cloud strategy to help companies leverage the power of cloud to build modern applications that drive their business.
Some industries are faster than others to adopt new information technology approaches but Automotive and Fin-tech companies seem to be embracing innovation with open arms.
What’s important is that all industries have the opportunity to be part of the boom in new products, new channels, new services, and business models offered through innovations in Machine Learning and AI combined with 5G.
TechFabric expects AI and Machine Learning to deliver huge opportunities for advancement, risk reduction, underwriting and acceleration in innovation and is thrilled to be on the cutting edge of that innovation and helping many companies in this space achieve their goals.
—Preetham Reddy, Cloud Solutions Architect at Tech Fabric
Tech Fabric specializes in building web, mobile and cloud based application on Azure/AWS. If you need help with taking your on-premise application to cloud or convert your Monolithic applications to Microservices based or leverage the power of AI & Machine Learning, we’d be glad to help you out.You can reach out to our sales team at [email protected]