Prestige to Develop ‘Amazon-Like’ Payment App

Prestige Financial Services is working to develop a new mobile app to make it easier and more “Amazon-like” for consumers to make loan payments, Chief Operating Officer Rich Hyde told Auto Finance News.

“Right now, the app is still in its infancy and not in pilot yet,” Hyde said, declining to offer a projected launch date. Prestige is “looking for ways to better utilize the technology that is available,” he said, and “we are trying to stay ahead of the curve.”

The app looks to emulate Amazon’s feature in which the consumers’ payment information is stored and allows them to simply click “pay now” without rekeying payment details.

The lender is also looking to partner with another company to help develop the app, and it is currently exploring its options with potential partners, Hyde added.

In April, Prestige launched upgrades to its website, including a new URL — myprestige.com. The upgraded website offers more “customer-relatable content,” including how-to videos on ways to improve credit, Hyde said. The upgrades also include the ability for customers to access their balances in real-time, sign up for reward programs, and interact with customer service more efficiently.

Prestige Financial Services is a full-spectrum lender that does business with 3,200 dealers. The lender ended 2016 with $1.08 billion in outstandings and $597.4 million in originations, according to Big Wheels Auto Finance 2017.

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