On-demand streaming services like Spotify and Netflix are now part of our everyday lives and are part of a wave of online products that are teaching consumers they can expect to get exactly what they want, the second they request it, and all through services provided at the touch of a button.
These digital services are having a dramatic impact on customer service expectations in all industry sectors, as well undermining traditional customer loyalties with customers now, more than ever, prepared to change services to get what they want.
According to Christer Holloman, CEO and co-founder of Divido, auto finance companies will have to respond quickly to the changing expectations of digital consumers when it comes to their funding requirements.
He told delegates at the International Auto Finance Network Conference in London: “These companies are teaching customers to not hang around; they can get what they want.”
Holloman said finance is being disrupted by this growing requirement to provide new innovative digital services, with smartphones and now even cars themselves at the centre of a battle for customer loyalty in the online payments market.
Examples like the widely used Apple and Android Pay, are now seeing disruption from new entrants such as FordPay and Alipay, which is expanding from Asia into Europe. Facebook has also made moves into the mobile payments market.
Holloman added: “Consumers want things straightaway, they have little brand loyalty, and they are very wary about how they’re going to spend their money. I believe this is opening the floodgates for disruption.”