Smartphones are “the future” when it comes to customer engagement, Joel Kennedy, co-founder and chief compliance officer at Pelican Auto Finance, said during a recent webinar, hosted by the Center for Auto Finance Excellence.
“I might be stating the obvious here but: I can call you, I can text you, I can email you,” Kennedy said. “You can pull up my webpage, you can pull up my mobile page — all on one device. So there’s really very little reason for the consumer to engage with you with any other mechanism.”
During the webinar, entitled “Innovations for Effective Consumer Engagement and Regulatory Compliance,” Kennedy offered best practices on how lenders can respond to the shift in consumer behavior, and what the legal and compliance issues associated with these changes are.
Millennials are “certainly the largest segment” of the mobile-using consumer market at this point, but the Baby Boomer generation has become comfortable with texting in way that they may not ever become comfortable using email, he said. Thus, the market responses to the changing consumer demographics and behavior have manifested themselves in a number of different ways.
“As we move from basic innovations to the more disruptive offerings, we see that the value proposition can change,” Kennedy said. “The good news is you can get more ‘sticky,’ and create more opportunities for the customer to engage.”
This webinar is the first in our four-part, 2016 series of webinars and is presented by the Center for Auto Finance Excellence through the generous support of Fiserv and DataScan. A complete recording of the webinar, with further advice from Kennedy, can be found here:
More details on the Auto Finance Risk & Compliance Summit, May 10-11 in Fort Worth, Texas can be found at www.afrcs.com.
