A complete digital omni-channel self-service customer solution.
Quick and convenient access to financing packages
Finance volumes have doubled over the last five years. The sector has benefited from unique dealer-based products that have helped affordability. At the same time, past perceptions of dealer finance have changed as consumer understanding of the wider flexibility, convenience and affordability of dealer finance has improved.
MotoNovo Finance (MotoNovo) is a fast-growing, values-led, multi-award-winning financial services business that has forged a proud reputation as an innovator. Supporting thousands of customers every week, MotoNovo has offers a wide range of products and services designed to help consumers purchase their next car, van or motorbike, and has done so for over 40 years. Aiming to maintain its high standard of service while remaining competitive in an increasingly digital-first market, the organisation began to look at how technology could help provide its customers with quick and convenient access to its financing packages.
Consumers expect digital
Traditionally, in the vehicle finance sector, consumers are required to telephone service teams to set up and manage their accounts, which is time-consuming for the consumer, as well as inefficient and costly for the vehicle finance company. Now, consumers are accustomed to digital solutions based on their experience in other sectors, and they expect digital access to all their financial services via an intuitive and secure interface.
MotoNovo has been a leader in championing this trend in the vehicle finance industry, and wanted to revamp its customer experience with a complete digital, omni-channel, self-service customer solution.
The perfect partnership
When looking for a technology partner that could help deliver on these business aims, MotoNovo considered everything, from technical expertise and track record to future-thinking, support and cultural fit. Following these criteria, it soon became clear that ieDigital and Equiniti Pancredit were the obvious choices.
Looking to ensure its future in the market, MotoNovo worked with ieDigital and Equiniti Pancredit to launch a fully secure self-service portal, through which customers could log into their accounts and carry out tasks that previously required them to contact the call centre. Using a web browser or app, customers can now log in to their MotoNovo account and carry out various tasks, such as updating address details, viewing settlement figures, making payment transactions, and managing Direct Debit mandates.
By integrating ieDigital’s Digital Engagement Platform – Interact – into Core Pancredit, customers benefit from an enhanced customer journey. The integration links allow for real-time updates, pulling agreement details up instantly, and allowing customers to post immediate payments, all with an intuitive customer interface.
One of the key drivers behind the investment was the need to enhance the customer experience by providing greater access, convenience and control, as well as to enhance productivity. MotoNovo was also keen to ensure its investment was future-proofed. MotoNovo is delighted that these objectives have been met.
“A big driver in this change has been technology. Increasingly, consumers are able to access and control their own finance journey. MotoNovo has been a leader in championing this trend and the technology to support it.”
MotoNovo Finance COO, Chris Rowthorn
Vehicle finance portal
Launched in early 2017, the benefits have already become clear, with customers now having the flexibility to manage and access their information any time, from any device. Digitising payments also lessens the likelihood of missed payments, thereby saving the customer money. From a corporate perspective, it also allows MotoNovo to make more effective use of call centre staff, and in turn reduce costs.
The solution is the first step in MotoNovo’s digital transformation programme on customer engagement, offering self-service to new and existing customers. It enables MotoNovo to engage more effectively with its customers, who in turn reap the benefits of a real-time vehicle finance servicing portal. It represents the first fully secure, feature-rich, digital self-service portal from a non-captive vehicle organisation.
Best use of technology
Enjoying recognition across the industry, the project has already claimed the prize for ‘Best Use of Technology’ at the Car Finance Awards 2017.
“Whenever we choose a business partner, we’re looking for a combination of technical expertise, track record, future-thinking, support, process rigour and cultural fit. And yes, price is part of the whole value equation!”
MotoNovo Finance COO, Chris Rowthorn
ieDigital provides financial service organisations with the ability to transform their digital customer experience. We do this through Interact, our powerful software platform, whose prebuilt components enable our clients to quickly deliver customised solutions to market.
By integrating into any core banking system and fintech ecosystem, we combine the functionality to improve the customer experience, accelerate growth, optimise cost efficiency and manage risk.
We are the chosen partner to four of the UK’s five largest banks, and have deployed Interact in 28 countries. We were recognised as one of the world’s “most significant providers” in the Q3 2017 Forrester Wave for Digital Banking Engagement Platforms, offering “a well-defined Digital Banking Platform that supports Corporate Banking, Private Banking and excels in Retail Banking”.
ieDigital is privately owned and has more than 120 employees. Our head office can be found on the London riverside, with further offices in Dubai, Frankfurt and Sydney.
About Equiniti Pancredit
Equiniti Pancredit develops market-leading loan life cycle applications for the financial services industry.
Its specialist software products and services bring agility and efficiency to the operations of lenders and their intermediaries. The solution provides lenders with a feature-rich loan platform that has been developed in partnership with banks and lenders, and enables them to offer their customers a range of products via a secure web-based interface.
The modular approach allows lenders to connect to third party agencies to validate the application to minimise risk and comply with industry regulations, as well as integrate with their internal systems to create one end-to-end solution. It champions responsible lending, raises the efficiency of the lender’s organisation (while cutting costs), and enhances the end user experience by providing an end-to-end digital customer journey.
For further information, please visit Equiniti