Intelligent Environments and Equiniti Pancredit were joint winners of the Best Use of Technology Award, at the Car Finance Awards in June. Amber-Ainsley Pritchard explains how they streamlined the customer journey through digitalisation.
As well as rewarding car finance professionals for excellence in an industry rarely credited for its contribution to the economy, it’s right that Credit Strategy should explain why the winning teams are successful at the Car Finance Awards.
At the scheme’s second outing in Nottingham this year, the independent judging panel voted for the Best Use of Technology Award to be given to a joint entry - from a digital software firm and a loan servicing software provider. The entry explained in plain English how their joint efforts delivered a UK first for the motor finance sector.
Intelligent Environments and Equiniti Pancredit were the joint winners and together, they created and developed a digital omni-channel, self-service customer solution for car finance firm MotoNovo.
The solution delivered an enhanced customer experience, offering flexibility and an updated approach to managing personal accounts, similar to that provided across the financial services industry. In short, it delivered what customers want and increasingly expect; convenience.
Equiniti Pancredit has been delivering its end-to-end loan servicing platform, Core Pancredit, to MotoNovo for the past 15 years. For the first time, with the support of Intelligent Environments, it has been able in 2017 to offer a digital solution to MotoNovo customers.
Traditionally in the motor finance sector, consumers have been required to call service teams to set up and manage their accounts. Intelligent Environments and Equiniti Pancredit said this could be seen as time consuming and laborious for the consumer and indeed inefficient for the motor finance company.
Equiniti Pancredit said consumers are used to digital solutions, based on their experience in other sectors, and expect digital access to all their financial services via an intuitive and secure interface. Results from a survey of British consumers by Intelligent Environments supported this perception. The study showed that while more than half of British consumers would like to manage their motor finance online, only a quarter of providers have digitised consumer loan originations; here was the reasoning for delivering such a solution.
Cut costs, maximise potential
Once the need was identified, the idea conceived was for a self-service solution. The result was a digital consumer-facing account which could be accessed through an app or online portal using a web browser that was integrated into Core Pancredit. It allows consumers to log into their MotoNovo account to manage it themselves, rather than requiring them to contact MotoNovo’s call centre.
Using the app or portal customers can carry out activities including changing address details, viewing settlement figures, making payments and managing direct debits. Integrated links within the solution allow for real-time updates, pulling agreement details up instantly and allowing customers to post immediate payments onto their balances.
The joint creators of the solution said that by enabling customers to make payments online it reduces the likelihood of missed payments, thereby saving the customer money from late payment charges. From a corporate perspective, it also allows MotoNovo to make more effective use of call centre staff and in turn reduce costs.
Commenting on the solution, the judging panel said the “brilliant” three-way partnership has illuminated what car finance businesses can gain from the digital revolution.
The app/portal is also the first step in MotoNovo’s digital transformation programme on customer engagement, offering self-service to new and existing customers. Equiniti Pancredit said it allows the company to engage more effectively with their customers who in turn reap the benefits of a real-time motor finance servicing portal.
At the time of winning, Intelligent Environments then managing director, David Webber, said: “This award is a great honour, not only for MotoNovo Finance, Intelligent Environments and Equiniti Pancredit, but also for the 50-plus financial services brands that have put their trust in us.
“Intelligent Environments is 100 percent committed to delivering market-leading digital solutions not only to the car finance vertical but to any financial services provider.”