The increasing impact of ‘millennials’ (those born between 1981 and 2000) will inevitably push motor finance down increasingly technological paths, White Clark Group has said in its 2016 Global Tech Report: Auto Finance Digitally Remastered.
The financial technology providers noted that millennials currently make up 34% of the world’s population, and will make up three quarters of the workforce by 2025.
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Pointing to a Time Magazine report which found that half of millennials would rather visit a dentist than haggle with a car dealer, White Clark Group said the rise of this demographic would create increasing demand for technologies such as mobile.
With the global mobile payment transaction market predicted to grow to $2,849bn by 2020, up from $349bn in 2014, the company said mobile payments would heralds ‘big changes in the ways in which they sell finance.’
Digital storage, another area where technology has changed how businesses operate, had caused an ‘explosion of big data’ thanks to the price of digital storage coming down, said White Clark Group.
Looking ahead, the company said: "Today, companies will not survive on typical IT staff; they need to recruit for big data scientists.
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By GlobalDataThe increasing use of big data will lead to an increasing use of predictive analysis in areas such as credit scoring – and White Clark Group pointed to Big Data Scoring, which launched its UK operations at the start of 2016, as a company looking to take advantage of this.
