We have all read the headlines. With continued high demand expected for loans and leases, and over one trillion dollars in auto financing already being serviced, it is an exciting time to be in auto finance.
While there is a tremendous amount of potential marketshare available, the day-to-day demands for a lender — including growing compliance considerations — can impede the fast track to growth:
- Financial services now moves at the speed of life: anywhere, anytime
- Consumers expect exceptional customer service, every time and in every channel
- Regulatory agencies anticipate compliance and adherence to set mandates; lenders need system configurability but must maintain audit control
- Agents need to be easily trained and cross-trained, providing an universal lending experience across products, departments, and processes
- Systems should provide an intuitive and seamless user experience
- Market demands drive the need for business flexibility and scalability
On top of these specific pressures, the costs of technology is rising. New innovative solutions are leapfrogging your father’s technology faster than you can drive down the HOV lane. These outdated systems are becoming burdensome to maintain and difficult to keep user efficiency high. Scalability is a challenge for businesses that began with smaller portfolios their technology could once handle but can no longer support the portfolio growth. Favorable headwinds in the market are now taxing existing solutions, and ramping up on demand is difficult.
Additionally, consumers have more choices than ever for financial services. Subsequently, customer retention and loyalty is more challenging. Providing a great auto loan or lease servicing experience is critical to retaining their current loan or lease, and becoming your customer’s first choice for their next loan or lease.
Your loan and lease account servicing system is at the intersection of successful technology and customer management. With a modern servicing system, lenders can find the best value for their investment to manage the new demands they’re experiencing from consumers, regulatory agencies, and market expectations.
Today’s modern account servicing systems offer:
- Easy access to account and portfolio information, through multiple channels
- Faster, more accurate responses to consumer inquiries
- Greater content control and ad hoc reporting
- Simple user interfaces that easily toggle between account data sets
- Prompted scripts and task queues to better navigate users through a set of tasks
- Flexible, modern infrastructure
- Hosted and outsourced services to support scalability
- Configuration-based set up for fast implementation and easy partner integration
The demand for loan and lease financing is expected to remain high for the next three years, because the average age of cars on the road is still around 11 years old. As Americans work through this cycle of replacing their vehicles, ensure you are in the driver’s seat — with the technology you need for great staff and customer experience. The right servicing system can put you in the fast lane to increase your share of the auto finance servicing business.
