The asset finance market is increasingly fragmented, with new technology platforms and service providers vying to serve clients as efficiently as possible. In this hyper-competitive environment, customer experience becomes more important than ever, especially for brokers.
Asset finance brokers are uniquely placed to build strong, valuable relationships with customers, leveraging their insight and advice to provide a personal touch that goes beyond the digital marketplace experience. For SMEs looking to stabilise their cashflow or secure essential equipment, this approach can go a long way in bringing peace of mind and securing loyalty. However, doing it well requires complete control of the end-to-end customer journey.
In order to meet customers’ expectations, it’s essential to have the right tools on your side. Asset finance software gives you the information, insights and time you need to get closer to customers and build lasting value.
The Asset Finance Customer Experience
While most businesses look to provide good customer service, the idea of an end-to-end customer experience is relatively new. A customer experience is effectively the sum of all interactions between a customer and your organisation, starting from the first time they visit your website, to the end of their loan lifecycle.
Making those interactions valuable requires a tight focus on your customers’ needs and challenges. Businesses seek asset finance for a variety of reasons, including low repayments, flexibility, industry expertise or speed, each of which will affect their expectations over the lifecycle of their loan. If you can effectively meet their expectations at each stage, you have a stronger chance of securing repeat business at the end of their loan or lease, as well as lucrative referrals and recommendations.
The key to a valuable customer experience is consistency. Clients should expect the same level of service through every engagement with your business. However, if you’re running two or more loan management systems then you’re vulnerable to having two or more separate customer journeys. In this scenario, an end-to-end system is no longer a ‘nice-to-have’ but an essential element of your business strategy.
The Data-Driven Journey
Through acquisitions, companies often find themselves with various systems for managing customers. For example, some businesses rely on paper for their front-end applications, while running the back-end online. Over time, these systems are bolted together and limit the efficiency and consistency of your management process.
End-to-end systems ensure all customer information is in one place. With centralised notes, documents and records, your team can deal with each customer on a personalised basis, based on accurate, up to date insights.
This ensures your customers are treated fairly, especially when it comes to collections and arrears. It allows your team to focus on important details or unique circumstances.
A single system also simplifies your onboarding experience, with only one system to teach your clients. With end-to-end software, customers use the front-end to enter their details and view statements, use the same logins to track their loan’s lifecycle, and then again for the back-end to acquire more information about disposing assets or renewing contracts.
The Power of Cloud Software
Asset finance plays a key role in driving growth and profitability for SMEs as they navigate the ever-changing businesses landscape. With regular shifts in legislation, economic conditions and consumer demand, it’s essential for your service to be able to adapt to new market needs.
Luckily, the shift to online loan management software has enabled brokers to increase their flexibility while offering the most up to date experience possible. QV Systems offers a core central platform, which allows our customers to connect directly via API to the latest innovative financial tools.
This means your businesses can leverage new technologies and services while retaining the same core system. This creates a living and breathing platform which is automatically updated with new functionality, so your service can evolve with your customers’ needs. Cloud applications are also updated automatically, so you never have to worry about installing upgrades and functionality and can focus on serving clients using the latest tools.
As digital tools become more embedded in the every area of our lives, your customers will expect the same from their lending experience. By using an online loan management system like QV Systems, you can empower your customers to get the information and updates they need anytime and anywhere, while giving your team more time and insights to provide the service your customers deserve.
Our experts work hand in hand with lenders to implement new technology and transform traditional lending processes. To find out how QV Systems can help you future proof your business and add more value for your customers, get in touch with our team today.Back to blog