BMW and Toyota outpace auto lending challenges through digitalisation

Digitalisation is transforming processes at auto finance companies to ensure they maintain market-leading products and services. BMW has used technology to improve its customer communication success levels, with call abandonment levels falling and successful contact rates doubling. At Toyota Financial Services, a modernisation process for lending decisions radically altered how it was able to handle customer repayment strategies and also accelerated growth without increasing headcount.

BMW and Toyota outpace auto lending challenges through digitalisation

Apr 16, 2018

Digitalisation is transforming processes at auto finance companies to ensure they maintain market-leading products and services. BMW has used technology to improve its customer communication success levels, with call abandonment levels falling and successful contact rates doubling. At Toyota Financial Services, a modernisation process for lending decisions radically altered how it was able to handle customer repayment strategies and also accelerated growth without increasing headcount.

White Clarke Group - Global Tech Report 2018

Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations. Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.

White Clarke Group - Global Tech Report 2018

Apr 16, 2018

Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service. Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations. Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.

BMW introduces car subscriptions with ventures in UK and US

BMW is offering new car subscription services on both sides of the Atlantic with the launch of two new initiatives. In the US, BMW Financial Services has launched a pilot vehicle subscription service called Access by BMW. The service will debut as a pilot program in Nashville, Tennessee and will operate through local BMW dealers, who are responsible for vehicle deliveries and maintenance.

BMW introduces car subscriptions with ventures in UK and US

Apr 09, 2018

BMW is offering new car subscription services on both sides of the Atlantic with the launch of two new initiatives. In the US, BMW Financial Services has launched a pilot vehicle subscription service called Access by BMW. The service will debut as a pilot program in Nashville, Tennessee and will operate through local BMW dealers, who are responsible for vehicle deliveries and maintenance.

Volkswagen Financial Services predicts €1bn savings from digitalisation

Executives at Volkswagen Financial Services are predicting efficiencies of €1 billion from the impact of digitalisation on its business model by 2025. The prediction follows record results for the company during 2017, with operating profit up 16.9% to €2.46 billion and the total value of assets rising nearly 10% to €186.9 billion. Volkswagen Financial Services now finances 19.7 million contracts, a year-on-year rise of 16.9%.

Volkswagen Financial Services predicts €1bn savings from digitalisation

Mar 20, 2018

Executives at Volkswagen Financial Services are predicting efficiencies of €1 billion from the impact of digitalisation on its business model by 2025. The prediction follows record results for the company during 2017, with operating profit up 16.9% to €2.46 billion and the total value of assets rising nearly 10% to €186.9 billion. Volkswagen Financial Services now finances 19.7 million contracts, a year-on-year rise of 16.9%.

Mercedes-Benz Bank latest to offer car subscription service

Mercedes-Benz Bank is piloting a new car subscription service that allows customers to swap between up to 12 vehicles a year for a single monthly payment. The new Mercedes me Flexperience car-as-a-service platform covers all costs, from insurance to servicing and tyre repairs, inclusive of up to 36,000kms a year. The new offer is based on Mercedes-Benz Rent, the rental offer from Mercedes-Benz Bank, and was developed as a joint project between Daimler Financial Services and Lab1886, the innovation hub of Daimler.

Mercedes-Benz Bank latest to offer car subscription service

Mar 09, 2018

Mercedes-Benz Bank is piloting a new car subscription service that allows customers to swap between up to 12 vehicles a year for a single monthly payment. The new Mercedes me Flexperience car-as-a-service platform covers all costs, from insurance to servicing and tyre repairs, inclusive of up to 36,000kms a year. The new offer is based on Mercedes-Benz Rent, the rental offer from Mercedes-Benz Bank, and was developed as a joint project between Daimler Financial Services and Lab1886, the innovation hub of Daimler.

Car manufacturers need greater website focus on finance

Car manufacturers are failing to make the most of engaged customers who visit their websites and review potential finance options because of design flaws and poor customer journeys, industry experts claim. Consumers are more likely to configure a car, request a brochure, request a quote and request a test drive if they have visited the finance section of a manufacturer’s website, automotive digital market intelligence provider Sophus3 says. However, car brand websites need to do more to turn this high level of engagement into sales.

Car manufacturers need greater website focus on finance

Feb 28, 2018

Car manufacturers are failing to make the most of engaged customers who visit their websites and review potential finance options because of design flaws and poor customer journeys, industry experts claim. Consumers are more likely to configure a car, request a brochure, request a quote and request a test drive if they have visited the finance section of a manufacturer’s website, automotive digital market intelligence provider Sophus3 says. However, car brand websites need to do more to turn this high level of engagement into sales.

Auto Lenders Guide: Creating New Revenue Streams with AI

A McKinsey AI report from January 2018 reveals an industry-wide AI-enabled value opportunity, which by 2025 is expected to generate an estimated US$215bn. However, how much of that potential can be captured by automotive finance companies? Connected cars are now poised to become the next digital wallet, allowing different institutions to connect with their customers to pay for goods and services all directly from the dashboard. This will provide Auto Finance lenders the potential to radically alter their relationship with their customers.

Auto Lenders Guide: Creating New Revenue Streams with AI

Feb 20, 2018

A McKinsey AI report from January 2018 reveals an industry-wide AI-enabled value opportunity, which by 2025 is expected to generate an estimated US$215bn. However, how much of that potential can be captured by automotive finance companies? Connected cars are now poised to become the next digital wallet, allowing different institutions to connect with their customers to pay for goods and services all directly from the dashboard. This will provide Auto Finance lenders the potential to radically alter their relationship with their customers.

Global fintech 4finance deploys FICO in 10 countries

4finance Group, Europe’s largest online and mobile consumer lender, has deployed FICO solutions across 10 countries and 20 back-office systems in just nine months. It has introduced the FICO TONBELLER Siron solution for anti-money laundering (AML) and know your customer (KYC). The cloud-based service ensures the company complies with global and regional regulations while maintaining 4finance’s promise to issue customers a loan in 15 minutes.

Global fintech 4finance deploys FICO in 10 countries

Feb 02, 2018

4finance Group, Europe’s largest online and mobile consumer lender, has deployed FICO solutions across 10 countries and 20 back-office systems in just nine months. It has introduced the FICO TONBELLER Siron solution for anti-money laundering (AML) and know your customer (KYC). The cloud-based service ensures the company complies with global and regional regulations while maintaining 4finance’s promise to issue customers a loan in 15 minutes.

Auto dealerships will become marketing hubs as finance goes online

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

Auto dealerships will become marketing hubs as finance goes online

Dec 07, 2017

What is the evolution of car dealerships? The owners of car lots may argue their place is essential in the supply chain, but they have actually been proving the online model for years, as much of their wholesale stock is now sourced via online channels, either direct through supplier portals or through online auctions. The logical next step is for consumers to follow in their online footsteps and embrace digital purchasing and finance channels, a process which is being pioneered by digital car retailer Rockar. Rockar founder Simon Dixon outlines his vision for the future in this video, provided courtesy of White Clarke Group.

Fintech company offers enhanced fraud insight for industry

A fintech company's new platform could help finance providers to safeguard their investments with greater levels of insight into key individuals in companies that receive their funds. Neotas alerts investors to cases of fraud and false identity or even incidents of inappropriate or suspicious behaviour on the part of CEOs or entrepreneurs.

Fintech company offers enhanced fraud insight for industry

Nov 16, 2017

A fintech company's new platform could help finance providers to safeguard their investments with greater levels of insight into key individuals in companies that receive their funds. Neotas alerts investors to cases of fraud and false identity or even incidents of inappropriate or suspicious behaviour on the part of CEOs or entrepreneurs.