We are thrilled to be hosting the first-ever virtual Auto Finance Innovators Forum in partnership with Auto Fin Journal on October 14th. It promises to be an action-packed day with speakers from some of the top auto lenders and publications, including Ally, BMW, Westlake, Gravity Lending, and Forbes.
Hundreds of leading lenders have already registered to hear about the latest trends in innovative, customer-centric, and tech-driven auto finance. All that’s missing is you!
Why Digitization in Auto Lending?
Growing numbers of customers are struggling to repay their auto loans on time, and financial institutions are allowing loan deferments and refinancing to accommodate this need.
Yet showing up to a physical location to apply for such terms is still a risky proposition. Consumers are reluctant to enter closed public spaces, and a recent Lightico study found that 76% of respondents are concerned about going to their auto lender due to fears of infection. There is no clear end in sight for the coronavirus pandemic, and this means that auto lenders are under greater pressure than ever to digitize their servicing (and lending) processes.
In fact, we found that a whopping 90% of borrowers prefer digital and remote interactions with their auto lender vs. face-to-face transactions. It stands to reason that many customers would even avoid taking out a loan or modifying an existing one if their demands for remote transactions aren’t met. This represents a missed opportunity to meet or exceed existing customers’ expectations through digital servicing, as well as lock in new loan opportunities that are starting to pick up. We’ll show you innovative examples of this in our session “Shifting Gears: How Auto Lenders Have Adapted to The New Normal.”
But digitization in auto lending is far more than a stop-gap for the coronavirus period. It represents a golden opportunity to reduce time to funding, minimize the number of customer touchpoints, and deliver a frictionless, fast, and even delightful experience for both customers and the employees who serve them. This is the topic of the session “What’s Driving Service Efficiency: Lessons from Leaders.”
Today’s consumers are pressed for time, stressed out, and accustomed to instant gratification in many areas of their consumer life. Digitization can help car finance businesses meet these growing standards. There is no longer a need for paperwork as mobile channels provide the perfect means to create effective and efficient customer journeys. Lenders need to digitize their loan application and modification processes to survive and thrive during the “new normal” and beyond.
Furthermore, innovation has a unique opportunity to not only make lenders more efficient but also more compliant. This will also be a focus of the Forum that we will explore in the session “Synthetic Car Loan Fraud: Simple Secrets to Crush it Today.”
Here’s a taste of the jam-packed agenda filled with sessions on the latest auto finance industry trends, actionable insights, and a special live Q&A at the end.
Fully Digital Loan Originations: The Fastest Lender Wins The Race
Under The Hood: The Tech That’s Powering The Most Innovative Auto Lenders
What’s Driving Service Efficiency: Lessons from Leaders
Synthetic Car Loan Fraud: Simple Secrets to Crush it Today
Shifting Gears: How Auto Lenders Have Adapted to The New Normal
Live Q&A: Auto Lending Innovators & Pioneers: Your Questions Answered