New customer needs, new players, and new revenue streams mean new opportunities
The automotive industry is undergoing a profound disruption, with changes in how vehicles are powered, serviced, and acquired. These changes also present both challenges and opportunities for auto finance companies.
To succeed in this new world, auto lenders will need to meet evolving customer expectations by integrating more seamlessly into car ownership experiences. A lender’s ability to participate in their potential customers’ shopping, buying, and maintenance processes will become table stakes for growth in certain segments of the market.
Lenders will also need to master data and analytics to develop new products based on new vehicle types and different ownership models. At the same time, they will need to accelerate technology transformations to modernize outdated IT architectures and platforms to become more competitive.