Fintech Tricolor Recognized by BankingTech Awards as Finalist in Multiple Impact and Technology Categories
Responsible fintech lender advances by leveraging artificial intelligence to improve physical and financial mobility at scale for underserved Hispanics
DALLAS, March 21, 2024 (GLOBE NEWSWIRE) — Tricolor Holdings today announced that it has been named a finalist in multiple categories at the Fintech Futures’ BankingTech Awards for its use of technology to advance financial inclusion and transform the vehicle buying experience for underserved Hispanics.
Tricolor was recognized in the Best Contribution to Economic Mobility category for its milestone impact achievements, including the disbursement of nearly $3 billion in affordable loans and helping the majority of its low-income, credit-invisible Hispanic customers start or build a credit score. It was also named a Best User/Customer Experience Initiative for its patented, AI-powered Automás tool, which gives underserved car buyers the power of self-determination in vehicle and loan term selection.
“We are excited to advance in this prestigious competition on the strength of our integrated, technology-driven retail and lending platform,” said Daniel Chu, founder and CEO of Tricolor. “Improved financial health and access to affordable, reliable transportation are critical to setting more underserved Hispanics on the path to the American Dream. Doing this at scale is possible only through the use of advanced technologies and a deep commitment to innovation.”
Tricolor uses AI and nearly 15 years of proprietary customer insights in combination with over 25 million unique non-traditional credit attributes to unlock financially inclusive opportunities for low-income, credit invisible Hispanics left behind by mainstream financial providers. To date, this U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) has disbursed nearly $3 billion in affordable auto loans and saved borrowers more than $800M in potential interest compared to loans for which they would have otherwise qualified. It has also helped over 50% of its borrowers with no FICO score to establish a score with a major credit bureau.
Tricolor’s patented, interactive tools – like Automás – provide unprecedented transparency and empower self-selection for its customers. Further, its integrated retail plus lending platform creates a seamless customer experience and superior value, resulting in high quality vehicles, backed by a free warranty, and made accessible through affordable credit.
As a result, Tricolor routinely earns Net Promoter Scores that are superior to even the biggest names among both disruptors and traditional automotive retailers. It is also the only company in all of consumer ABS to issue multiple social bonds collateralized with loans that provide affordable access to low-income borrowers with no FICO score for financing the purchase of a motor vehicle.
Tricolor has been routinely recognized for its important work supporting consumers, including being named one of Inc. Magazine’s Best in Business in 2022.
For more information about Tricolor, please visit tricolorholdings.com and tricolor.com.
About Tricolor
Tricolor is a U.S. Department of the Treasury certified Community Development Financial Institution (CDFI) and a mission-driven company that leverages its direct-to-consumer, A.I.-powered platform to provide transportation and upward financial mobility solutions for underserved Hispanics in the United States. It utilizes advanced data analytics and technology to advance financial inclusion to a highly underserved market and offer responsible, affordable, credit-building auto loans to individuals with no or limited credit history.
Headquartered in Dallas, Texas, Tricolor and its affiliate Ganas Auto Group operate 52 retail centers across 20 markets in Texas, California, Nevada, Arizona, and New Mexico with a shared services center in Guadalajara, Mexico. On a combined basis, Tricolor and Ganas have served over 100,000 customers and disbursed nearly $3 billion in affordable auto loans using their proprietary model to segment risk.
CONTACT INFORMATION
Stephanie Hicks
Cosmo PR for Tricolor
