LAS VEGAS – Wells Fargo is increasing its credit decisioning automation in an effort to enhance dealer satisfaction in its auto business.  

The bank’s automotive credit decisioning reached 70% automation in 2022, up from 50% in 2021, Head of Wells Fargo Auto Tanya Sanders said at the Auto Finance Summit on Thursday.

“We spent the last two years improving our credit score cards and improving our credit decision automation,” Sanders said at the Summit.  

The increased automation efforts have resulted in positive feedback from dealer satisfaction surveys, Sander said, noting, “The impact, or the value, for the dealer is we’re easier to do business with and they get better service levels from us.” 

Wells Fargo’s digital enhancements were evident in its Q3 earnings report as the bank increased its technology, telecommunication and equipment expenses 8% year over year to $798 million. 

Looking ahead, the bank plans to continue its automation journey with hopes to continue improving customer satisfaction, Sanders said, noting, “We still have a ways to go.”