Chief Customer Officer at Tricolor Holdings

Eduardo Perez leads customer experience, focusing on delivering a superior value proposition across all dimensions of the company’s omni-channel experience. With nearly 20 years of financial services & process engineering experience with ten years of that experience at Capital One, Perez is certified as a Six Sigma Black Belt. Perez earned his BS from Hope College, an MS in Engineering from Grand Valley State, and his MBA from Carnegie Mellon University.

What are some of the challenges impacting the marketplace?

The auto lending industry faces an array of complex difficulties that affect our customers. Customers frequently encounter challenges in making prompt payments due to economic fluctuations, necessitating the implementation of tailored interventions to provide support during periods of financial hardship.

Customers exhibit a wide range of communication preferences, with some favoring telephone conversations while others prefer chat or text-based interactions. As a loan servicer with an omnichannel approach, our goal is to cater to diverse preferences by offering a range of communication channels for the convenience of our customers.

The issue of payment methods poses a barrier due to the wide range of client preferences regarding payment options. We accommodate customer requirements by offering a variety of payment alternatives, including automated payments, self-directed internet transactions, check payments, and phone-based payment modalities.

Furthermore, given that our company offers vehicles accompanied by warranties, it is plausible that clients may encounter instances where their vehicles require repair or servicing. To maintain client satisfaction and loyalty, it becomes imperative to ensure effective servicing and low-cost vehicle maintenance in such circumstances. This becomes increasing challenging as the market impacts vehicle prices and the costs of auto parts, a multi-faceted challenge.

What are some of the technological trends impacting the marketplace?

Artificial Intelligence (AI) is a significant technological trend that is currently exerting a substantial influence on the marketplace. Within our organization, we have strategically utilized artificial intelligence (AI) to effectively address a distinct and exceptional obstacle. Numerous immigrants, including those lacking legal documentation, encounter challenges in obtaining credit due to their lack of credit or a FICO score. To address this challenge, our organization has developed an artificial intelligence (AI) model that examines a multitude of data variables, exceeding one hundred, to ascertain the creditworthiness of a customer. This approach differs from the conventional reliance on FICO ratings.

"The act of willingly confronting discomfort and proactively engaging in challenging circumstances is of paramount importance."

The credit assessment algorithm, powered by artificial intelligence, has demonstrated a significant level of accuracy. As a result, we can extend loans to individuals who were previously overlooked by conventional banks and financial organizations. These clientele possess commendable creditworthiness; nonetheless, traditional financial institutions have faced challenges in accurately assessing their eligibility.

In addition to evaluating creditworthiness, artificial intelligence (AI) plays a substantial role in enhancing overall customer satisfaction. AI-powered chatbots have been implemented to facilitate consumer interactions and enhance the efficiency of addressing client inquiries.

The application model used in our system incorporates artificial intelligence (AI) technology to analyze different automotive options for consumers, considering their specific information. This analysis enables the provision of customized down payment and term options. This empowers customers to make well-informed decisions, giving them a sense of control and authority.

Moreover, artificial intelligence (AI) has played a crucial role in enhancing our marketing efforts. By developing profiles for successful consumers and implementing lookalike campaigns, we can enhance the precision of our targeting efforts towards prospective customers across a range of digital platforms such as Facebook, Instagram, TikTok, and Google. The use of a data-driven methodology enables us to identify customers who not only belong to our designated target demographic but also exhibit a higher probability of creditworthiness. The use of technology embedded into our strategies has ultimately enhanced our ability to deliver a great customer experience as we have embedded those strategies into the overall customer journey.

What are some of your recent project initiatives?

As a leader, I have recently been engaged in a project related to the creation and execution of a customer management system known as the "Behavior Score." In my role as the Chief Customer Officer, I am responsible for outlining the customer journey and overseeing the portfolio, starting from the pre-sales phase through the payoff of that loan.

The Behavior Score system, developed in collaboration with our data analytics and data science team, assigns a dynamic score to each customer daily, considering their behavioral patterns. This metric helps assess the level of risk associated with individual customers, categorizing them as low-risk, mid-risk, or high-risk. In response to varying levels of risk, we have implemented comprehensive strategy adjustments within our operational framework to more effectively address the specific requirements of each risk category.

The introduction of the Behavior Score system has resulted in a notable decrease in instances of delinquency and allows us to offer valid and data-based solutions to our customers which gives them a higher probability of success. The use of artificial intelligence (AI) to evaluate the level of risk associated with consumers after loan booking and subsequently assigning them to appropriate customer support teams has demonstrated significant effectiveness. Indeed, this particular technique sets us apart in the industry, as only a limited number of firms are currently employing artificial intelligence in such a manner.

What is your advice for budding professionals in the field?

My advice for emerging professionals within the industry, particularly those aspiring to assume leadership roles, is to embrace the notion of venturing beyond their familiar and secure environments. The act of willingly confronting discomfort and proactively engaging in challenging circumstances is of paramount importance. Furthermore, by venturing outside one's comfort zone and embracing the idea of facing setbacks, both individuals and teams have the potential to achieve significant advancements and triumphs. The crucial aspect lies in consistently pushing oneself, learning from mistakes, and persistently progressing.