The rate at which U.S. dealers and auto finance sources are adopting digitized contracting and documentation workflows improved by 1% from the prior quarter and 2.2% year-over-year in Q1, according to the latest report from Wolters Kluwer.

Although recent gains in Wolters Kluwer’s Digital Transformation Index are modest, it did improve by 32% year-over-year in Q4 and has increased by more than 100% since the first quarter of 2021.

“The continued embrace of digital documentation processes over the last four years highlights the ongoing dedication of auto lenders and their dealer partners to modernize operations,” writes Matt Babcock, who leads Wolters Kluwer’s digital lending product strategy, in a release. “Despite the modest growth of digital adoption in the first quarter, businesses continue to recognize the importance of making digital investments, and we expect that lenders, dealers and their partners will continue to migrate toward digital workflows for their operations.”

Read the full report at Wolters Kluwer