| https://gomedici.com/how-auto-lenders-can-improve-customer-experience-using-phone-intelligence |
Over 100 million Americans have an auto loan. The auto financing sector is thriving, thanks to a scorching hot car market driving up the cost of vehicles. With an average loan for a new car totaling $35,392, competition between financial institutions to issue auto loans is fierce. A growing number of auto loan providers are leveraging Phone-Centric Technology™ to cut down on time taken to complete the necessary forms, improve customer experience, and increase sales while staying competitive.
Despite historical, social, economic, and political uncertainty, Americans are eager to purchase cars and hit the road. On average, consumers are paying 99.9% of the sticker price for new vehicles. Besides, “Americans are borrowing record sums to buy new vehicles — and used ones — and they continue to pay relatively high interest rates.” As a result, competition among auto loan lenders is intense, and profit margins are high.
Americans have two primary choices when financing their car: direct and indirect financing. Regardless of the type of financing, consumers should seek the best option and expect some serious paperwork. As applying for a loan is a fairly laborious process, lenders are investing big in technology to accelerate form-filling and cut down on user errors.
Filling out the forms necessary to finance a car can be quite frustrating, both in-person and online. Financial institutions require stips (industry shorthand for stipulations) like proof of income to ensure that a customer can pay back their loan. After providing copies of their stips, a customer fills out their CIP (Customer Identification Program) forms. With so many repetitive forms to complete, customers are prone to making errors which can lead to increased processing time on the part of lenders and higher rates of rejection for customers.
Prove Pre-Fill™ improves customer experience by drastically cutting down on the time it takes for a customer to fill out their CIP and stips while reducing fraud and improving compliance. Pre-Fill leverages Phone-Centric Technology to autofill forms using an authoritative source and then asks the consumer to simply confirm the answers.
Without Prove Pre-Fill, the average time it takes to fill out a five-line application (industry speak for the auto loan application) is 40 minutes. With Prove Pre-Fill, a five-line application can be completed in just a few minutes. Cutting down on a customer’s time spent filling out forms is especially critical for car dealers because it allows salespeople to get back to the floor faster while improving customer experience.
This article is a synopsis of a blog published by Prove.
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| https://gomedici.com/how-auto-lenders-can-improve-customer-experience-using-phone-intelligence |