Partnership Furthers CPS's Digital Transformation as Rapidly
Growing FinTech Company with New AI Solution for
Productivity
MOUNTAIN
VIEW Calif. and IRVINE,
Calif., Sept. 15, 2022 /PRNewswire/ -- Consumer
Portfolio Services, Inc. (Nasdaq: CPSS) ("CPS"), continuing their
commitment to artificial intelligence, partnered with Prodigal to
better manage the collections and servicing workforce and process.
Prodigal is a Consumer Finance Intelligence solution that uses AI
to analyze agent and borrower conversations and enhance profits,
experience, and compliance.
For decades, CPS has focused on bringing improved intelligence
to auto lending, becoming a leader in FinTech initiatives that
enhance the frontend review and financial decision making process.
Now, CPS is also helping automate the backend servicing
experiences. Supporting more effective, efficient conversations
with Prodigal's AI deepens the CPS commitment to providing
best-in-class support to borrowers and clients.
"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 be more
successful — faster," said Mike
Lavin, Chief Operating Officer with CPS. "Prodigal's notes
automation lets us do that with productivity solutions that make
servicing operations and interactions more efficient and effective
for all parties."
Lenders lose about a third of their time to routine tasks like
filling out paperwork or following up with customers after calls to
complete information, Prodigal's ProNotes automates many of these
processes, freeing up an enormous amount of time for agents to
focus on the human side of their interactions with customers.
Prodigal delivers a customer-first experience while decreasing 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 after-call wrap
time and improve agent productivity. That should create better ways
to leverage their resources, effectively allowing them to do more
with the same amount of hires — or fewer. This technology will let
CPS agents make more calls to more accounts which will ultimately
generate more revenue.
Shantanu Gangal, CEO and Founder
of Prodigal, is ready for those results. "We're excited to partner
with CPS and their visionary leadership at an interesting juncture
for the auto lending industry," Gangal said. "We're even more
excited to play a part 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,
providing loan servicers with 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 enhance profits,
experience, and compliance. Agencies, healthcare providers, and
lenders depend on Prodigal to unlock insights that drive win-win
financial outcomes. With decades of industry and data science
expertise, Prodigal is ready to work with clients to optimize
operations and quality assurance. Nearly one in five U.S. borrowers
have already engaged with Prodigal during more than 200 million
interactions.
Headquartered in Mountain View,
California, Prodigal's global team is on a mission to build
the intelligence layer that powers Consumer Finance. With the
backing of 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 automobile financing to individuals with
past credit problems, low incomes or limited credit histories. We
purchase retail installment sales contracts primarily from
franchised automobile dealerships secured by late model used
vehicles and, to a lesser extent, new vehicles. We fund these
contract purchases on a long-term basis primarily through the
securitization markets and service the contracts over their lives.
Our operational headquarters are in Irvine, California with four additional
servicing branches in Nevada,
Virginia, Florida and Illinois. Learn more at
www.consumerportfolio.com.
Since operations began in 1991 through June 30, 2022, we've purchased over $19.1 billion in contracts. As of June 30, 2022 we service 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 is traded on the NASDAQ National Market System under the
ticker "CPSS".
CONTACT:
Jennifer Durishin
650-802-7795
support@prodigaltech.com
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SOURCE Prodigal