The International Auto Finance Network conference and White Clarke Group’s Auto Captives Summit, held in January 2018 in London, provided an opportunity for leading executives in the auto finance sector to come together and look at how innovation and technology are remodeling the auto finance industry.
This report will summarize those discussions and provide examples of how innovative new business models are eliminating inefficiencies within the current system, while a wave of new technologies is introducing rapid change across the industry.
The key focus is data: how to keep it secure and how to monetize it, and how to use newly available data to transform products and develop seamless omni-channel experiences and services. That means taking the opportunities offered by the growing volumes of data on the customer and the car to create personalized services.
This Global Technology Report highlights once again that auto finance companies cannot afford to sit still. Customer buying and vehicle usage patterns are changing as services become increasingly digital. In response, both traditional players and new entrants are embracing opportunities to acquire or partner with start-ups, and investing heavily in technology and innovation.
New marketplaces are emerging around ride-sharing and on-demand car services. Advances in Big Data Analytics and the Internet-of-Things have combined to add more digital services to Connected Cars, and now the “Digital Car Wallet”, where digital connections in the vehicle create entirely new services for the driver.
This report showcases new business models and best practices from around the world and separates them in to the following categories:
- Mobile & Pay-as-you-go Car Finance
- Artificial Customer Service
- Cryptocurrency, Blockchain & Mobility
- Cyber Wars
We hope you will find the results as interesting and relevant to your business as we have. As ever, we welcome your feedback and are happy to discuss our findings.