Pre-authorisation is a rapidly growing technique that allows lenders to get finance in place for the customer—at least in principle—while they are performing their purchase research. Traditionally, it had been hard to connect the customer’s time spent hunting for a deal for a product or service online with their offline actual purchase. But pre-authorisation is tackling that by connecting the two, lowering friction points across the entire process.
Finance providers are also looking at customer self-serve to enhance their proposition. Particularly in micro-to-small ticket leasing, customer self-serve is a real opportunity to speed up—and streamline—the customer journey.
Those in the industry agree that for transactions between US$2,500 to US$25,000, a fully automated model is possible, since technology is now being perfected that allows the entire customer engagement journey to occur digitally.
And at the end of the asset finance cycle, providers are looking at enhancements to end-of-term and renewal technology. Finance companies are now investing in technology that allows them to manage the customer at the end of the lease, thus helping to meet their goal of improving customer loyalty and decreasing the duration between purchase of a product and the purchase of its replacement.
We hope you found this blog insightful. Read the others in our series, Asset Finance, the Digital Age, and Readying for Success: