This is a pain point for customers faced with restarting their journey offline together with a dealer who is unaware of all the customer’s research work which was conducted before they arrive. It is also a pain point for those charged with tracking the customer journey, gathering data to optimise the process. Without bridging the gap it can be difficult to link online marketing efforts with the eventual outcome.

The solution which is being developed by FCA Bank is to guide customers towards applying on-line for a finance offer that is possibly pre-approved before they reach the showroom. Research published by FICO this week shows the effectiveness of similar solutions. At present only 7% of UK customers acquire their automotive loans through pre-approved loans, but an amazing 48% would prefer to apply online.

The solution under development has a number of advantages for customers:

• when they enter the showroom they already know what they can afford; and
• the showroom experience remains an opportunity to experience the car without boring administration that can more easily be completed at home (where they have access to the information they need).

FCA Bank’s solution is part of an increasing trend amongst leading customer-focussed finance providers to shift the finance application online and to make it possible to reorder the journey so customers know what they can afford before they select their vehicle.

Completed in a matter of minutes

AutoGravity a US-based fintech has followed a similar solution where customers apply for three pre-approved finance offers through a simple process which can be completed on their smartphones in a matter of minutes before they identify the car they want to buy.

FCA bank will provide detail on the development of their program, and how they have redesigned their finance on-boarding process in a way that smooths the customer journey.
FCA Bank S.p.A provides finance for 142 auto brands across Europe with a finance portfolio of around EUR26 billion at the end of June 2018. FCA Bank is a joint venture between Fiat Chrysler Automobiles and Credit Agricole Consumer Finance.

To book your ticket for Carelli’s presentation complete the form at the bottom of this article.

Daniel Melo will provide an overview of technology to assist with O2O

Download FICO's latest auto customer research here

As part of this session, FCA Bank will also be joined by Daniel Melo, Senior Business Director of FICO who will provide an overview of the ways in which finance providers can use technology to bridge the O2O divide. Delegates are advised to download a copy of FICO’s excellent research on consumer’s perceptions of auto finance. This is available here: http://www.fico.com/en/latest-thinking/ebook/2018-consumer-survey-of-automotive-finance-perceptions

Also in the session Carwow will describe how they have added finance into their customer journey for the first time. Carwow intermediates between dealers and buyers providing car buyers with a number of offers from dealers for the cars they want to buy through an application completed online.

The whole session is chaired by David Betteley, former global head of Financial Services for Jaguar Land Rover and the panel includes James Broadhead former CEO of Close Brothers Motor Finance and Rupert Pontin, director, of valuations at Cazana.

Not one to miss!