Posted by Bethany Frank on 23 Oct 2017
Cars are an essential part of life for many. A missed payment – or several – is a problem for auto financers and their customers.
There are more new cars on the road than ever before; but this means more people are taking out loans to pay for them, making delinquency a prime concern for the auto industry. Auto lenders and insurers can increase the chances of receiving payments in full and on time by providing customers with convenient payment options, like the ability to pay online. Offering flexibility – for example, allowing customers to choose their own due dates – can help auto financers accelerate cash flow and reduce the risk of bad debt.
Auto financers should also consider evolving payment trends. Customers driving sleek, high-tech cars want a payment experience to match. Mailed statements and a slow process can be off-putting to this hyper-connected base – these customers want innovative payment options, like the ability to pay via messaging apps and virtual assistants.
As they warm up to new technology, the way customers communicate and interact with businesses is likely to become more voice-based. These trends are already taking hold today – in 2016, Google reported 20% of searches on Android devices and the Google mobile app were voice searches.
Auto financers can adapt to these changes making it easy for customers to connect to them via their favorite apps and devices – such as Facebook Messenger or the Amazon Echo. AI-powered chatbots are quickly replacing human assistance in these contexts, a trend likely to continue with the rise of virtual and augmented reality. The technology can help auto financers provide an innovative and efficient bill payment experience on the platforms customers use the most.
Consumer adoption of smart devices and other emerging technology is on the rise. Your customers are busy, hyper-connected to their preferred digital platforms, and always adapting to the best new trends for their lifestyles. The right payment solution and an ongoing commitment to improving technology can help auto financers provide a seamless bill payment experience that can keep up with shifts in consumer behavior and demand.
For more on consumer payment trends and preferences, check out our blog.