Digital tools are fast redefining workflows, strategies and standards across the auto-financing lifecycle via the growth of online auto-broker software. They’re also changing what’s possible in terms of the experience brokers can deliver to customers. New platforms have the potential to radically enhance customer service while also improving margins, efficiency and speed.
The impact is visible throughout the auto-finance process. Thanks to the rise of easy-to-use auto lending and leasing software, brokerage firms can implement technology with less risk, financial obligation and time-to-value. Here are six ways technology can help you create a more streamlined auto-finance broker sales process.
1. Put your customers in control
When it comes to choosing a vehicle, online selling provides more transparency, more control and more choice for consumers than the traditional purchase experience. This changes the balance of power in the broker-customer relationship, while also creating new opportunities.
The move to digital enables brokers to scale the traditional business model of helping customers find the best deal by offering the information they need online. In a digital sales environment, this requires having your auto-finance website up to date with the latest inventory, visual and model information via a service like QV Accelerate’s CAP vehicle data database integration, which automatically pulls the latest specification data and images for your website.
Combined with clear calls-to-action on your website, brokers can give customers the choice of when to initiate the sales process by providing value up front, and throughout their sales journey.
2. Embrace paperless processes
When it comes to their least favourite part of the auto-purchase process, consumers most common answer was filling out paperwork and contracts. The auto-financing journey requires a large amount of physical documentation, data and review. However, by managing the process digitally, firms can minimise time spent on forms and data entry, giving your clients a better experience and freeing your team to focus on value-adding work such as customer service, new business and retention.
The key to creating a smooth flow of information is centralising information between files using one central CRM for your automotive finance management process. This enables prepopulation of contracts and applications with data already supplied by the customer, from initial contact, quotes, proposals to contracts. By using digital documents you can not only increase efficiency, but also ensure you’re always up to date and minimise manual errors and lost paperwork.
3. Digitise compliance
Managing credit exposure, risk and consent is an essential element of responsible lending, protecting firms, lenders and customers. Digital processes now enable a faster, more accurate and more flexible compliance process.
From consent on initial enquiries to the final signature on a deal, online tools can deliver the same peace of mind from anywhere. In addition, identity verification, credit checks and soft searches can now be largely automated, delivering faster decisions with more rigorous risk control, saving time and money for the business.
4. API-integrated ecosystems
In the modern world of financing and leasing, no system is an island. One of the main advantages of online auto-lending software is the ability to connect to other systems and tools. This is achieved via APIs (application programming interfaces) that enable easy data transfer.
This has the potential to create a fully seamless customer experience, as users’ data follows them instantly between platforms, from initial enquiry, through quotes and credit checks, to signature and delivery. APIs enable a connected view of the customer journey, while minimising data entry and increasing security.
5. Automation-enabled customer experience
One of the biggest risks to growth in an auto-broker firm is manual work. These repetitive tasks waste your team’s time, reduce margins and get in the way of more important value-adding customer service.
Modern auto lending software can now easily handle basic tasks such as information gathering, data transfer between documents, underwriting and quote creation. This can then unlock more time to focus on customer experience across key junctures such as enquiries, proposal tailoring and problem solving.
This enables significant efficiency savings, with brokers using QV Systems’ auto lending software typically reaching 3x their target due to reduced administrative tasks, and growing their client base 2x without increasing staff headcount.
Driving end-to-end value
The modern auto-finance broker journey offers a range of ways to increase efficiency, service and growth by implementing digital auto-finance software. By targeting the right transformation areas, brokers can create a seamless customer experience from enquiry to delivery.
Broker Accelerate, our flexible auto-financing platform, is designed with Brokers in mind to help you adapt quickly, improve your sales process and create a frictionless auto-leasing journey. With this all-in-one solution you can:
- Easily engage, convert and manage new business with an end-to-end digital process
- Automate manual tasks to focus more on customer experience
- Track key metrics and enhance your efficiency
Choose the features you need to update your workflow with our product configurator, or select one of our simple packages, including our essential starter platform Broker Go.