Alphera’s digital car finance platform, MyFinance, has seen impressive growth this year, registering a 75% year-on-year growth in user numbers between January and September.
The platform, launched in 2018, now enables car-buyers to manage their finance agreement digitally.
In response to the introduction of Covid-19 restrictions, Alphera updated the platform with a series of new features to adapt to changing consumer behaviour. These features included: a payment ledger; the ability for customers to express end of contract intentions; a settlement payment facility; a contract mileage calculator; and simplified access to Alphera’s online payment deferral request from.
The platform has seen a monthly increase of 67% in e-Retail finance applications since March. This is attributable to a 50% increase in the number of Alphera partners signed up to the platform, with a 72% growth in written volume in September.
More than a quarter of the firm’s customers are now taking advantage of the platform, and the ability to self-serve and manage finance agreements online.
Director of Alphera, Spencer Halil, said: “We have seen major growth in the number of people completing their finance applications digitally and managing their agreement online this year. Covid-19 has accelerated trends that were already happening, thanks to long-term changes in consumer behaviour. Increasingly, we expect finance customers to become more comfortable signing and ‘self-serving’ online.”
Speaking to Motor Finance in September, Halil said: “It is unreasonable to expect buyers to visit a dealership just to negotiate a finance agreement when digital tools allow this to take place remotely”.
Consequently, they designed a platform which enables individuals to create a bespoke finance package, remotely and in their own time. This alleviated concerns many customers had over visiting showrooms.
Alongside complete control of the process, customers now benefit from increased transparency of the finance options available to them.
The platform has also helped many dealers increase the volume of completed motor finance applications made online, and boosted finance penetration through simplification of the customer journey.