Consumer Portfolio Services chooses Prodigal to advance its FinTech platform with backend service and support in special financing
Partnership promotes CPS’s digital transformation as fast-growing fintech company with new AI solution for productivity
MOUNTAIN VIEW Calif. and IRVINE, California, 15 September 2022 /PRNewswire/ — Consumer Portfolio Services, Inc. ( Nasdaq: CPSS ) (“CPS”), continuing its commitment to artificial intelligence, partnered with Prodigal to better manage its collections and service its workforce and process. Prodigal is a Consumer Finance Intelligence solution that uses AI to analyze agent and borrower conversations and improve profitability, experience and compliance.
For decades, CPS has focused on bringing enhanced intelligence to auto lending, becoming a leader in FinTech initiatives that improve the front-end review and financial decision-making process. Now CPS also helps automate the backend service experiences. Supporting more effective and efficient conversations with Prodigal’s AI deepens CPS’s commitment to providing best-in-class support to borrowers and customers.
“From credit to collections, we have an imperative to continually improve processes through greater automation and AI that better supports our collections team and helps them succeed more – faster,” said Mike Lavigne, Chief Operating Officer with CPS. “Prodigal’s note automation allows us to do that with productivity solutions that make service operations and interactions more efficient for all parties.”
Lenders lose about a third of their time to routine tasks such as filling out paperwork or following up with customers after calls to complete information. Prodigal’s ProNotes automates many of these processes, freeing up a huge amount of time for agents to focus on the human side of their interactions with customers. Prodigal delivers a customer-first experience while reducing the cost of loan operations.
With Prodigal’s ProNotes self-learning application that automatically summarizes and standardizes notes and provides deep conversation insight, CPS will be able to reduce post-call time and improve agent productivity. It should create better ways to utilize their resources so they can efficiently do more with the same number of hires – or fewer. This technology will allow CPS agents to make more calls to more accounts which will ultimately generate more revenue.
Shantanu Gangal, CEO and founder of Prodigal, is ready for these results. “We are excited to partner with CPS and their visionary leadership at an interesting time for the auto loan industry,” said Gangal. “We are even more excited to play a role as they advance their AI and machine learning initiatives to service and support specialty lending.”
Prodigal’s AI represents a paradigm shift in consumer finance, giving loan officers new ways to both prioritize operational transformations and humanize financial conversations.
About Prodigal
Prodigal is a cloud-based Consumer Finance Intelligence solution that analyzes agent and customer conversations to improve profit, experience and compliance. Agencies, healthcare providers and lenders rely on Prodigal to unlock insights that deliver win-win financial results. With decades of industry and data science expertise, Prodigal is ready to work with customers to optimize operations and quality assurance. Nearly one in five US borrowers have already engaged with Prodigal during more than 200 million interactions.
With headquarters in Mountain View, California, Prodigal’s global team is on a mission to build the intelligence layer that powers Consumer Finance. Backed by domain experts, technology leaders and top investors including Accel, Menlo Ventures and Y-Combinator, Prodigal is poised to become the next iconic vertical SaaS company. To learn more, visit www.ProdigalTech.com or follow @ProdigalTech.
About consumer portfolio services
Consumer Portfolio Services is an independent specialty FinTech that provides indirect car financing to people with previous credit problems, low income or limited credit history. We purchase retail installment contracts primarily from franchised auto dealers secured by late model pre-owned vehicles and, to a lesser extent, new vehicles. We finance these contract purchases on a long-term basis, primarily through the securitization markets and service the contracts throughout their life. Our operational headquarters is inside Irvine, California with four additional service departments i Nevada, Virginia, Florida and Illinois. Learn more at www.consumerportfolio.com.
Since operations started in 1991 through 30 June 2022we have bought over 19.1 billion dollars in contracts. Per 30 June 2022 we serve a total managed portfolio of ~$2.6 billion with ~162,000 active customers and 799 employees in our branches in five states. We maintain dealer relationships in 48 states. Our common stock trades on the NASDAQ National Market System under the ticker “CPSS”.
CONSULT:
Jennifer Durishin
650-802-7795
[email protected]
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