Key Trends in Enterprise Auto Finance Tech

Key Trends in Enterprise Auto Finance Tech Informed
<em>AI generated image from Midjourney<em>

The year 2023 has been a whirlwind in the enterprise tech world, specifically in the auto finance sector, marked by significant shifts and unexpected developments. From the rise of generative AI to unconventional cybersecurity tactics, the landscape is evolving rapidly. We’ll delve into the noteworthy trends that have shaped the narrative.

Generative AI Takes Center Stage

The emergence of generative AI, particularly exemplified by OpenAI’s ChatGPT, has undeniably been a game-changer. Originally released at the end of the previous year, ChatGPT has swiftly become a transformative force, altering how we interact with software. This technology is poised to redefine user experience (UX) design, presenting the most substantial shift since the era of point-and-click interfaces. The impact of generative AI extends beyond interaction, influencing creative processes, decision-making, and even customer service.

Cybersecurity: Low-Tech Intrusions and Unseen Threats

Contrary to the stereotypical image of sophisticated hackers, the cybersecurity landscape in 2023 showcased the effectiveness of low-tech methods. Hackers proved that advanced malware is not always necessary for large-scale intrusions. The Lapsus$ gang leveraged social engineering tactics to infiltrate major organizations, revealing the continued relevance of human-centric vulnerabilities. Additionally, the so-called Scattered Spider group, responsible for breaches at MGM Resorts International, Caesars Entertainment, and Coinbase, hackers utilized deceptive phone calls as a powerful tool. Similar tactics were used within auto call centers, but with policies in place no losses were presented.

Out-of-Date Tech and Unseen Breaches

Not only were low-tech cyber threats on the rise but breaches due to low tech infrastructure saw a correlation. The prevalence of software with known security flaws provided ample opportunities for hackers. Even after fixes were issued, companies like Boeing Co. faced challenges when vulnerabilities were not promptly addressed. Furthermore, the landscape of data breaches remained elusive, with ransomware attacks on major firms and disruptions in critical services. The lack of transparency prompted regulatory actions, emphasizing the need for increased reporting and accountability in the face of evolving cyber threats.

Customer-Centric Approaches

Customer-centricity remains at the forefront, with AI playing a crucial role in understanding and meeting customer expectations. AI-driven personalization ensures that customers receive relevant content, offers, and recommendations based on their preferences and past interactions. Predictive analytics helps dealerships anticipate customer needs, providing a proactive and personalized service experience.

Generative AI’s Impact on Work

The transformative power of generative AI extends to the workforce, reshaping the nature of jobs and industries. The technology, rooted in algorithms capable of generating original content, is influencing sectors such as marketing, graphic design, and content creation. Executives and managers leverage generative AI for enhanced decision-making and strategic planning, while customer service experiences are being redefined by AI-driven chatbots and virtual assistants.

New Roles and Ethical Considerations

As AI takes over certain tasks, it simultaneously creates new job roles and skill requirements. Professionals must adapt by acquiring new skills, including AI literacy and data analysis. However, the rise of generative AI also raises ethical considerations, emphasizing the need for responsible AI use. Ensuring fairness, transparency, and accountability in AI systems becomes a collective responsibility for professionals across all sectors.

Lessons Learned

Highlighting the need for digital transformation while also respecting current infrastructure constraints, ensuring new technology improves the landscape while doing no harm is a tall cup to order in 2024. Lessons learned we are seeing an increase in legislation around technology as well as customer products such as South Carolina S. 910. The reform of the Dodd-Frank Wall Street Reform and Consumer PRotection Act (Dodd-Frank Act) is being considered to ensure it has the right balance for the market and consumers. Seeing the low tech fraud attacks Informed is proactively reviewing trends within data consortium to ensure various views across the industry can be protected while also responsibly protecting data.

Conclusion

As we navigate the transformative landscape of enterprise tech in 2023 and beyond, the integration of generative AI stands out as a defining force. The year has highlighted the importance of adapting to change, staying informed, and preparing for the future. By embracing these shifts, professionals can not only thrive in the evolving landscape but also contribute to building a more efficient, innovative, and inclusive future of work.

An earlier version of this article appeared on Auto Finance News.

author avatar
Jessica Gonzalez Director of Lending Strategies
With more than 15 years’ experience in the financial services industry, including tenures at Santander Consumer USA and Visa, Jessica Gonzalez is now the Director of Lending Strategies at Informed.IQ.

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