The auto finance industry is now at the foothills of a digital journey to create greater customer value. Big data and other technology developments are driving a raft of trends including PCP, pay as you go finance, car sharing, autonomous cars and, above all, the switch from consumers who want to own a car to those who prefer simply to pay for usage.
Digital technologies enable lenders and dealers to enhance existing services to customers, for example by “clearing out clutter” in the vehicle research and credit authorization processes so applications are streamlined, paperwork is minimized and information is easier to access and understand.
This is just one of the key findings in the new White Clarke Group – 2016 Global Tech Report. The full report identifies six key commercial and technology trends which will affect auto finance in 2016.
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