The dealer finance space must embrace technology to better serve the needs of customers, according to Alan Cooper, sales director for retail services at Codeweavers.
Cooper believes there needs to be a “sweeping change in the role of technology both at the point of sale and online, placing consumers in control of their finance experience and just as importantly to provide lenders with a rigorous record of the customer’s finance buying experience”.
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Greater oversight and consumer control could pave the way to a self-service process in the showroom and online, continued Cooper. In its recent review into the industry, the FCA highlighted lender oversight of brokers and dealers as a problem.
It stated: “We were particularly concerned that some lenders appear to take the view that it is sufficient to check that a broker is FCA-authorised, as it can be assumed that they will be compliant with FCA rules (as the FCA will monitor compliance).”
As a result of the findings, Cooper thinks lenders will want to reassure their oversight responsibilities with technology that can provide the required consistency, instead of relying on a manual process that comes with inevitable risks.
“I can see the process providing a ‘gamification’ experience for customers to ensure they view all the necessary information, progressing through the platforms only when they have done so,” explained Cooper.
Shaun Harris, sales director at Codeweavers, recently said he expects the findings of the recent FCA report into the motor finance industry to have an imminent impact on the market.
He said: “While the FCA and industry stakeholders will be consulting in the weeks ahead following the regulator’s publication of its report on motor finance, the clarity within the report suggests some of the key changes that are likely to be required. I am sure we will see the industry moving to affect changes sooner rather than later.”
