Five key product enhancements aimed at helping lenders and dealers meet Consumer Duty responsibilities have been announced by iVendi.
Integrated into online customer journeys for car, van and motorcycle buyers that are created using the motor retail market leader’s Connected Retailing Platform, the new features are directly targeted at the FCA’s four outcomes for Consumer Duty.
Rob Severs, senior VP product and insight at iVendi, said: “Since the FCA first announced Consumer Duty, we’ve been looking at ways our technology can be used to power compliance, especially when it comes to the four outcomes covering products and services, price and value, consumer understanding and customer support.
“The developments we are announcing here maintain high levels of ease of use while also helping to potentially create, we believe, exceptional levels of compliance for lenders and dealers through processes designed to place customer needs first.”
The central point for the five enhancements is a new Consumer Duty page that forms a key element of the customer online buying journey. It includes firstly, lender-specific data and secondly, lender product videos.
These provide all the relevant information, features and benefits of the specific finance product chosen by the customer, helping lenders and dealers ensure their products are being introduced in the right way and that the consumer has a high level of understanding.
Next, suitability assessments consist of a series of questions, specific to each finance product and provided by the lender, which the customer must answer before proceeding to the application. If the customer is unable to show they understand the product, they won’t be able to complete the application and will be referred to the retailer, who can then find the right product for them.
Signposting follows with links to government financial advice as well as the lender’s own support resources, providing help for consumers on the buying journey – especially those classed as vulnerable by the FCA – and helping to ensure they understand the product and can make an informed decision.
Finally, interceptions take place when the specific rules of a lender – for example, those who won’t lend to taxi drivers – mean a product is unsuitable. iVendi’s technology intercepts these applications before they get sent to the lender, cutting the number of rejections and allowing the retailer to help the consumer find a lender that better meets their needs. This avoids a bad outcome for the consumer, the retailer and the lender.
Rob added: “These enhancements will be released well ahead of the 31 July FCA deadline and we’re already having conversations with lenders and dealers about the best ways to integrate them into their Consumer Duty processes.”