LAS VEGAS — BECU automates more than half of its underwriting operations as it balances AI with manual processes.
The Tukwila, Wash.-based credit union’s automation rates hover between 60% and 70%, Jayson Amandus, vice president of indirect lending, said Monday at Auto Finance Summit 2023.
“Our custom scorecards … we refresh those on an annual basis with our credit risk modeling team,” he said. “There’s a place for manual underwriting, there always will be, not sure what that sweet spot is. As an industry, we have been using [AI] for a long time.”
BECU had $3.1 billion in auto outstandings at yearend 2022, according to Big Wheels Auto Finance Data 2023.
Fifth Third Bank is also working to increase its auto decisioning rates, Craig Harter, head of indirect lending, said during the summit.
Editor’s note: This article first appeared on Auto Finance News, a sister publication to Bank Automation News.
