It may sound absurd, but your car probably knows you better than your friends do. Like an aeroplane’s black box, it knows your reaction times as well as how fast and how aggressively you tend to drive. And thanks to smart navigation systems – whether Apple CarPlay or Google’s Android Auto – it knows more than ever; from the routes you prefer to those you avoid, the time you usually arrive into work and days you’re most frequently late.
While this may seem a little daunting, the data stored in your car’s dashboard holds enormous potential for businesses and consumers alike, from improving automation and personalisation to reducing costs. One of the areas this data has potential to revolutionise is the vehicle finance sector.
Current financing packages are rather inflexible. When drivers buy a car, they pay for the vehicle no matter how often it’s used, how many people share it, or how far it’s driven. With improved collaboration between vehicle finance software providers and technology companies, however, that ownership model can, and will, change.
Personalised vehicle finance software
Picture a world where our financing packages are personalised and tailored to us, enabling us to get the most out of our car and our finances. One example is car-pooling: the younger generation may not be able to afford a car each, but perhaps a car per household is a more achievable goal. But what if you use it less than your housemates? Is it fair to pay the same amount as them towards the lease? In an ideal world, we will see car users log in to their cars from their dashboard using biometric authentication before each journey, which will then calculate the amount due by each person at the end of the month.
Technology can drastically reduce the rigidness currently imposed by insurance and auto finance software providers, increasing ease and speed while reducing costs for the consumer. Despite the benefits, however, there’s a lot of work to be done on the technology side of things, as well as with collaboration. Vehicle services providers need to work together with technology companies to share data and discuss how this can be used to positively impact their lives.
