While it seems as if the rising demand for ‘car credit’ is a licence to print money, the vehicle finance industry needs to be aware of the mounting risks to the wider credit boom.
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.
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.
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.
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.
Until recently, it wasn’t uncommon for a car dealer to fax off a car finance application for approval. Over the past decade, despite much disruption in Financial Services, and more recently Insurance, one part of the industry that has remained largely untouched by digital is Motor Finance.
We’re already seeing elements of the connected car come to life. But this exciting development has much, much more to offer – not just to drivers but for car finance providers. Let’s take a closer look.
As car manufacturers around the globe join the rush to develop ‘smarter cars’, I can’t help but wonder just how much thought is going into applying the necessary security needed to protect them from attack by cyber-criminals. Plenty, some might say, but it is really wise to slot something so integral to our daily lives, and something so dangerous, into the Internet of Things without thorough and rigorous security testing?
The UK motor finance industry needs to move quickly into the digital age to meet consumer demand, especially if it hopes to keep up with the growth of new, innovative competitors.
The whole financial services sector is being disrupted in new and exciting ways, including one that’s always been rather traditional – vehicle finance.
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