ieDigital Interact motor finance software.
digital motor finance solutions.
Driving motor finance transformation
Traditional motor finance providers in vehicle retailing are facing huge challenges. We’re living in a world of evolving ownership models, where cars are connected and financial transactions exist outside of merely purchasing a vehicle.
This can include insurance, servicing, entertainment, accessory hire, concierge, recharging plans, and so much more. Motor finance offerings require greater flexibility than ever before, and these could be based on mileage, vehicle condition, driver behavior, shared ownership, and integration with other mobility packages.
The emphasis in vehicle finance has to change, from focusing on customer acquisition to focusing on customer engagement. According to research, many segments prefer buying vehicles online (most notably women and millennials), and 16% of cars are bought without ever having been test-driven. These remote purchasing behaviors are increasing the need for the auto finance sector to focus on customer engagement to improve retention.
How is the vehicle finance market changing?
Traditional automotive brands such as Peugeot and Hyundai are selling cars online, and new challengers continue to enter the vehicle retailing market. Amazon has opened offices in Europe, Carvana is expanding its successful US model into international markets, Zopa is moving into motor finance, and the likes of CarWow and TrueCar are benefiting from transparent pricing models.
Add to this an increased climate of regulatory and media scrutiny, which focus on responsible lending, conflicts of interest around commissions, sales process transparency and pricing risk management, and you can see that the economics of motor finance business models no longer add up.
It’s an intense era of change in the motor finance industry, and the requirement to meet customer demand for online engagement is urgent.
It’s an opportunity to transform your business, and our Interact motor finance software platform can help you transform yours.
The benefits –
Increase customer retention
Deliver the digital channel your customers expect, and engage with them on a regular basis.
The benefits –
Enable new business models
Potentially based on mileage, vehicle condition, driver behavior or shared ownership.
The benefits –
Increase self-service and online sales to reduce resource requirements.
The benefits –
Build an ecosystem for the future
A platform that enables integration with other mobility packages.
Our motor finance solution
Our Interact motor finance solution aligns with modern customer demands and expectations. It offers a convenient and secure environment for people to manage vehicle ownership, make payments, handle claims procedures and see an overview of their auto loans, accounts and policies.
You’ll be able to engage with customers, loan brokers and agents, unifying data so that the management of finance agreements and customer relationships is a piece of cake thanks to advanced automotive finance software.
The digital landscape offers many benefits to the world of vehicle finance services, not least simplicity and structural transformation. This is an opportunity to widen and fine-tune communications, leading to better customer service and increased business opportunities. In supporting your business transformation, our motor finance solutions will help you increase revenue, reduce costs and mitigate risk. Here’s a breakdown of the Interact motor finance software solution:
– Integrated with wider customer journey. Interact Motor Finance enables your offering to become part of the entire car ownership experience, which includes booking a service, an MOT or diagnostics.
– Reduced cost of ownership. Interact enables self-service, reducing contact center resource requirements.
– Assured compliance. Interact ensures you always meet the requirements of evolving regulations.
Our Platform –
Our Interact digital engagement platform will help you transform your business to meet customer expectations.
Its flexibility enables you to create simple journeys for people to sign up, engage, self-serve, and manage their motor finance obligations. It’s a secure, reliable, scalable and channel-agnostic platform that will adapt to how you want to use it, and how you want your customer to interact with your business.
Chris Rowthorn, Chief Operating Officer, MotoNovo Finance.
"We are delighted to partner with Intelligent Environments on this key initiative of our Digital Transformation Programme. We selected Intelligent Environments due to their expertise and leadership in digital engagement in this market."
Request a Call
Want to see Interact in action?
Click here to request a demo.
Shaun Weston looks at the opportunity for community banks and credit unions to bridge the gap between digital and...Read more