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In 2022, credit unions surpassed banks and other financial institutions as the top source of auto financing. To stay at the head of the pack – and win a larger share of the indirect lending market – credit unions must continue to innovate and leverage modern technology solutions to enhance their auto lending capabilities.

Enter document processing automation (DPA). DPA tools use artificial intelligence and machine learning algorithms to classify, analyze and extract data from documents containing unstructured data, such as pay stubs, W2s, financial records, credit reports, insurance policies and vehicle service contracts. Advances in automation and AI technology now make it possible to use DPA to quickly and consistently fund loans, delivering a host of benefits to credit unions, dealerships and ultimately members.

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