What makes a good debt collection platform into a great debt collection platform? I think the answer is empathy.
Finding the right debt collections solution is vital, and the pressure on businesses will only increase as awareness of vulnerable customers grows.
Technology can drastically reduce the rigidness currently imposed by both insurance and auto finance software providers, increasing ease and speed whilst reducing costs for the consumer.
Under PSD2 regulations, banks must provide access to customer accounts through open APIs, allowing third parties to build their financial services platform on top of banks’ data and infrastructure.
Banks, building societies and other providers that use digital financial software are at the front of the queue when it comes to criminal intent from hackers.
While it might seem a lot of work and time transferring services to engage customers online, the benefits of implementing vehicle finance software certainly outweigh any negatives.
With PSD2 just around the corner, banks must decide whether they want to be key players or supporting utilities in the forthcoming era of open banking. Let’s explore why digital banking technology is critical for banks looking to thrive.
Given the recent concerns raised by the FCA, as well as the complexity of current industry processes and a lack of innovation in vehicle finance technology, there will need to be change.
By combining stronger password authentication with efficient monitoring of unusual behaviour consumers can continue to enjoy the considerable advantages of a low cost, simple, and secure digital customer journey.
Vehicle finance companies need to take a strategic approach to digital and adopt a joined-up digital finance platform to get them back on track.