DataScan aims to address gaps in managing the commercial lending life cycle for dealers through the latest iteration of its data-driven underwriting and risk management solutions. The Alpharetta, Ga.-based asset financing and inventory risk management solution provider’s DataScan360 product suite aims to streamline the relationship between lenders and dealers across the entire commercial lending process, DataScan Chief Executive Brian Koprowski told Auto Finance News. “We have identified several tools that we wanted to add to our suite of products,” he said. “This results in DataScan360 being the only platform in the industry that’ll allow comprehensive access and address all the phases of the commercial lending process.” Auto Finance News spoke with DataScan to discuss the latest product launches, data integration and risk management innovation. What follows is an edited version of that conversation. AFN: How do you define DataScan360, and how does the newest iteration build on the prior DataScan solution suite? BK: DataScan360 is our innovative product suite designed to handle all phases of the commercial lending life cycle, from underwriting to servicing and risk management, such as floorplan audits and credit reviews. Historically, our company has offered two primary products: Wholesale Intelligence and Audit Intelligence. As the industry leader with over 30 years of experience, we embarked on a mission to reshape and refine the industry. DataScan360 stands out as the only platform in the industry that comprehensively addresses every phase of the commercial lending process. To accomplish this, we have added two new products, DataCision and RiskGauge. DataCision is our new credit underwriting solution designed specifically for dealer commercial lenders. We also recently rolled out our new Inventory Risk Management platform, RiskGauge. We’re also making substantial investments in our core platform, Wholesale Intelligence, to help lenders streamline their management and interaction with dealers. DataScan360 facilitates seamless data integration between all of our systems, creating a unified data solution that enhances transaction efficiencies for lenders and dealers. We identified gaps in the commercial lending life cycle for dealers. On the front end, when a lender wants to onboard a dealer, they go through an underwriting process. There weren’t specific tools that allowed lenders to have a seamless solution from credit underwriting to servicing. AFN: How does the solution suite assist companies in managing relationships through the life cycle of the loan? BK: DataScan360 helps lenders consistently manage processes throughout the loan life cycle by closing operational gaps between internal departments. DataCision integrates credit underwriting and financial metrics for analysis and pushes results over to Wholesale Intelligence, while RiskGauge offers a deeper analysis of risks beyond inventory risk. The commercial loan enhancements in Wholesale Intelligence pull together the entire commercial lending experience for dealers by reducing the number of applications needed to transact with their lenders. By integrating these solutions, DataScan360 ensures that companies can manage their internal operations and dealer relationships effectively and efficiently from start to finish. AFN: What value does DataScan360’s data connectivity capabilities bring to companies looking to manage risk and access the industry holistically BK: There’s tremendous benefit in leveraging data across our platforms and our solutions. One thing we’re focused on with DataScan360 is the ability to ingest and provide output on our data and client-provided data. The enterprise solution allows lenders to manage the entire cycle within a single, secure platform. The 360 platform facilitates access to multiple data inputs and outputs beyond our suite of products, including client-provided data, third-party data, as well as dealer-supplied data. This data-driven solution also enables global lenders to manage their platforms outside the North American market within a unified platform, enhancing their ability to manage risk and engage with the industry comprehensively. AFN: What does the implementation strategy look like for DataScan360? BK: Our implementation strategy for DataScan360 focuses on a bottom-up approach. It was born from looking at our products and our growth strategy. Installations of each product occur individually, with a strong emphasis on system integrations and data access as part of the comprehensive 360 platform. This strategy ensures that each component is seamlessly integrated, providing a cohesive and efficient system that meets the needs of lenders and dealers alike. DataCision has been out since last year in the marketplace, and we’ll have RiskGauge live by the end of the year with several customers. — Sponsored by DataScan Auto Finance Summit, the premier industry event for auto lending and leasing, returns Oct. 7-9 at Wynn Las Vegas. To learn more about the 2024 event and register, visit www.AutoFinanceSummit.com.
