Nearly two thirds of car finance providers are now investing in technology to improve the digital customer journey - according to an industry-wide survey which will be explored in a webinar at noon today.
Following Credit Strategy’s Car Finance Conference and Awards, the webinar at 12noon today will reveal for the first time full results of the Car Finance Confidence Tracker - our new regular survey tracking the market’s recovery since the spring.
The debate will explore results indicating the market’s recovery so far, looking at trends including:
- How car finance providers are injecting growth back into the market;
- What changes are driving a recovery;
- What challenges are emerging as this happens.
A preview of the results shows that 67% of car finance lenders are investing in new technology to improve digital journeys for customers.
The Car Finance Confidence Tracker also shows that, as firms look to return to steadier and more continual growth, 90% are now looking at ways to improve the initial customer journey at the point of sale.
In more granular findings, the survey also shows that more than 80% of car finance providers are changing their use of portals to track credit applications, 67% are set to deploy chatbots, and 78% are changing how they assess affordability.
As well as more details on these and other elements, the discussion will reveal growth statistics, market sentiment, and the precise tech functions where there’s most activity – such as the use of open banking, fraud prevention, and why 83% of firms are changing their use of APIs for omni-channel comms.
In partnership with Scrive, the e-signature provider, the webinar will explore more general signs of the car finance market’s recovery, and levels of optimism. The survey shows, for example, that more than 60% of the industry is either confident or highly confident in the market’s recovery.
With audience interaction to ascertain their levels of confidence, the webinar help to generate a picture of what’s fuelling the recovery and how it’s tracking.
Viewers can register here to tune in and find out more about the speakers.