Digital customer engagement is fast becoming the norm, and lenders are already experimenting with using AI and machine learning to revolutionize customer service.
Existing options, such as phoning an agent in a call center, or chatting online, are expensive to provide and present challenges in ensuring information is delivered and recorded to comply with financial regulations.
Auto finance companies are now in a technological arms race to develop new products that maintain customer loyalty and generate new business.
This has encouraged a wave of new entrants to enter the market with innovative product ideas, while established players are also investing heavily in new services.
Leading finance technology company, White Clarke Group examines these disruptive trends that are facing the industry in its annual 2018 Global Technology Report.
The report showcases new business models and highlights the most important drivers of change in the industry into four key categories:
- Mobile & Pay-as-you-go Car Finance
- Artificial Customer Service
- Cryptocurrency, Blockchain & Mobility
- Cyber Wars
The report reviews some of the key developments in the market, including the impact of new services such as vehicle subscriptions, along with the digital products that are developing to support this changing market.
Featuring expert analysis on cybercrime and the security risks facing companies as they adapt to digitalization. Royce Curtin, Managing Director of Global Intelligence at Barclays, warns us of the rise of “Crime-as-a-Service”, where encrypted communications via the Dark Web are used to find insider information and hackers who are prepared to launch an assault on some of the world’s biggest banks and retailers.
The exclusive content for the 2018 Global Technology Report is based on discussions and presentations from this year’s International Auto Finance Network conference and White Clarke Group’s Auto Captives Summit, held in London at the start of 2018.