Using AI to innovate and drive loyalty through remarkable customer experiences

Artificial intelligence can play a key role in improving levels of customer service and satisfaction in auto finance to increase loyalty and revenue, according to a leading industry expert. Bob Beatty, executive vice-president, customer experience, at GM Financial has revealed how AI can revolutionise how thousands of customer interactions are handled, giving team members more time to manage more complex customer enquiries. “The mandate I was given was to innovate to drive loyalty through remarkable customer experiences from the dealer front and the customer front,” Beatty said. “I looked at what our customers were telling us and instead of taking it as exactly what they were saying, when I looked at it from a different perspective, they were saying, ‘make this easy, give me my time back.’ Time has become our customers’ greatest asset now.”

Using AI to innovate and drive loyalty through remarkable customer experiences

Feb 25, 2020

Artificial intelligence can play a key role in improving levels of customer service and satisfaction in auto finance to increase loyalty and revenue, according to a leading industry expert. Bob Beatty, executive vice-president, customer experience, at GM Financial has revealed how AI can revolutionise how thousands of customer interactions are handled, giving team members more time to manage more complex customer enquiries. “The mandate I was given was to innovate to drive loyalty through remarkable customer experiences from the dealer front and the customer front,” Beatty said. “I looked at what our customers were telling us and instead of taking it as exactly what they were saying, when I looked at it from a different perspective, they were saying, ‘make this easy, give me my time back.’ Time has become our customers’ greatest asset now.”

Simply completes first deal powered by open banking technology

SME funder Simply has completed its first deal enabled through open banking technology that accelerates the funding process by providing quick, secure access to customer data. The customer was talking to Simply about a funding package and provided permission for the finance provider to electronically view banking data. Simply could then digitally access statements, removing the need for the customer to email or print them. Data was then analysed using software to speed decision-making.

Simply completes first deal powered by open banking technology

Feb 10, 2020

SME funder Simply has completed its first deal enabled through open banking technology that accelerates the funding process by providing quick, secure access to customer data. The customer was talking to Simply about a funding package and provided permission for the finance provider to electronically view banking data. Simply could then digitally access statements, removing the need for the customer to email or print them. Data was then analysed using software to speed decision-making.

Ransomware gangs increase raids as car parts company Gedia becomes latest cyber-attack victim

German car parts manufacturer Gedia has shut down its IT systems after a cyber-attack. Industry experts are blaming the attack on the same hackers who crippled global travel money giant Travelex, which is still offline nearly a month after it was hit. The car parts manufacturer said it couldn’t comment on the source of the attack and said it had called in the police, while an emergency plan has been put in place to maintain deliveries. Gedia Automotive Group employs 4,300 people in seven countries and initially warned the attack could have far-reaching consequences.

Ransomware gangs increase raids as car parts company Gedia becomes latest cyber-attack victim

Jan 28, 2020

German car parts manufacturer Gedia has shut down its IT systems after a cyber-attack. Industry experts are blaming the attack on the same hackers who crippled global travel money giant Travelex, which is still offline nearly a month after it was hit. The car parts manufacturer said it couldn’t comment on the source of the attack and said it had called in the police, while an emergency plan has been put in place to maintain deliveries. Gedia Automotive Group employs 4,300 people in seven countries and initially warned the attack could have far-reaching consequences.

 

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UK strengthens role as fintech leader

The UK has strengthened its role as a European leader in fintech through a flexible regulatory regime, supportive government policy and strong investment, new research reveals. As a European hub of the fintech ecosystem, it received total funding of $3.9 billion 2018, out of total investment of $6.9 billion across Europe. A new study by Accenture Strategy and Assifact, the Italian Factoring Association, analysed more than 250 companies in seven countries, with the aim of identifying the most innovative solutions and business models in supply chain finance.

UK strengthens role as fintech leader

Jan 27, 2020

The UK has strengthened its role as a European leader in fintech through a flexible regulatory regime, supportive government policy and strong investment, new research reveals. As a European hub of the fintech ecosystem, it received total funding of $3.9 billion 2018, out of total investment of $6.9 billion across Europe. A new study by Accenture Strategy and Assifact, the Italian Factoring Association, analysed more than 250 companies in seven countries, with the aim of identifying the most innovative solutions and business models in supply chain finance.

V12 Vehicle Finance partners with Click Dealer to create seamless sales and finance process for dealers

V12 Vehicle Finance and Click Dealer have launched a major partnership to streamline the way cars are sold and financed. It will banish key ‘pain points’ for dealers by integrating the process of sourcing, financing and selling vehicles into a single integrated platform. David Mercer (pictured top), managing director of V12 Vehicle Finance, said: “Our joint vision is to take friction out of all dealer processes to provide confidence and value to dealers, as well as benefit the consumer customer journey.“Our partnership will help address the challenge of locating and buying used stock more efficiently and then converting the car into a retail sale, whatever a customers’ credit profile, whilst working within FCA compliance regulations.”

V12 Vehicle Finance partners with Click Dealer to create seamless sales and finance process for dealers

Jan 21, 2020

V12 Vehicle Finance and Click Dealer have launched a major partnership to streamline the way cars are sold and financed. It will banish key ‘pain points’ for dealers by integrating the process of sourcing, financing and selling vehicles into a single integrated platform. David Mercer (pictured top), managing director of V12 Vehicle Finance, said: “Our joint vision is to take friction out of all dealer processes to provide confidence and value to dealers, as well as benefit the consumer customer journey.“Our partnership will help address the challenge of locating and buying used stock more efficiently and then converting the car into a retail sale, whatever a customers’ credit profile, whilst working within FCA compliance regulations.”

Nordea offers carbon footprint summaries to 3 million digital banking customers

Leading Nordic bank Nordea is using its digital banking services to offer customers an individual summary of their carbon footprint. The new service gives an insight into the environmental impact of daily consumption behaviour when using a payment card, to help customers make greener choices.

Nordea offers carbon footprint summaries to 3 million digital banking customers

Jan 20, 2020

Leading Nordic bank Nordea is using its digital banking services to offer customers an individual summary of their carbon footprint. The new service gives an insight into the environmental impact of daily consumption behaviour when using a payment card, to help customers make greener choices.

Finance industry warned to take action after Travelex cyber attack

As a cyber attack continues to cause severe disruption to global currency dealer Travelex, chief executives and CIOs in the finance industry face a stark question in 2020 – will we be next? In a special report, John Maslen talks to industry experts about what business leaders must do to prevent successful attacks.

Finance industry warned to take action after Travelex cyber attack

Jan 13, 2020

As a cyber attack continues to cause severe disruption to global currency dealer Travelex, chief executives and CIOs in the finance industry face a stark question in 2020 – will we be next? In a special report, John Maslen talks to industry experts about what business leaders must do to prevent successful attacks.

Why companies need to embrace digital transformation to drive competitive advantage

Companies should take a “think big, start small, scale fast” approach as they incorporate the Internet of Things into their operations, says Anthony Casciano, president and chief executive officer of Siemens Financial Services. He explains why this involves driving IoT from a business case, not pushing a technology into operations simply because of its fascinating potential.

Why companies need to embrace digital transformation to drive competitive advantage

Jan 13, 2020

Companies should take a “think big, start small, scale fast” approach as they incorporate the Internet of Things into their operations, says Anthony Casciano, president and chief executive officer of Siemens Financial Services. He explains why this involves driving IoT from a business case, not pushing a technology into operations simply because of its fascinating potential.

Why 2020 is the year of subscriptions

The subscription model is the largest trend in retail, offering a new way to source goods and services that gives customers the flexibility to switch to new products as their needs change. As more businesses, big and small, roll out a subscription offering, Wagonex chief executive officer Toby Kernon explains why it is the largest trend in retail.

Why 2020 is the year of subscriptions

Jan 07, 2020

The subscription model is the largest trend in retail, offering a new way to source goods and services that gives customers the flexibility to switch to new products as their needs change. As more businesses, big and small, roll out a subscription offering, Wagonex chief executive officer Toby Kernon explains why it is the largest trend in retail.

How Mobility-as-a-Service will transform fleet finance

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

How Mobility-as-a-Service will transform fleet finance

Jan 07, 2020

New mobility models could transform fleet finance as a growing number of consumers adopt vehicle subscription services to pay for transport on demand. There will be a significant shift from private vehicle finance to corporate-funded fleets as drivers opt for bundled services, where they can receive all their motoring needs through a single service provider and payment plan. Demand for leasing or subscription will be accelerated by electric vehicles, as consumers opt for the protection of hiring vehicles rather than owning them as they test out new technology.

Banking in the future will combine technology and the personal touch

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner, says Josh Bottomley, global head of digital, data and development at HSBC.

Banking in the future will combine technology and the personal touch

Dec 04, 2019

Over the past decade, banking apps on smartphones have given people the freedom to manage their finances when and how they want. But even bigger benefits are just around the corner, says Josh Bottomley, global head of digital, data and development at HSBC.

Oodle Car Finance CEO Jonny Clayton prepares to accelerate growth as company rolls out new technology

IAFN Award-winning funder Oodle Car Finance is developing innovative new technology to power the next stage of its rapid growth, led by chief executive officer and founder Jonny Clayton. Miles Rogerson reports.

Oodle Car Finance CEO Jonny Clayton prepares to accelerate growth as company rolls out new technology

Nov 27, 2019

IAFN Award-winning funder Oodle Car Finance is developing innovative new technology to power the next stage of its rapid growth, led by chief executive officer and founder Jonny Clayton. Miles Rogerson reports.

Number of companies selling via social media predicted to double in six months

The number of UK businesses selling through social media sites and smartphone apps is predicted to double in the next six months, according to new research from global payments giant PayPal. Its fourth annual Commerce Index estimates 24% of British businesses already sell via social media platforms and this will grow by another 600,000. The research found that 8.4 million British consumers shop via social media, with Facebook, Instagram and Snapchat being among the most popular channels.

Number of companies selling via social media predicted to double in six months

Nov 22, 2019

The number of UK businesses selling through social media sites and smartphone apps is predicted to double in the next six months, according to new research from global payments giant PayPal. Its fourth annual Commerce Index estimates 24% of British businesses already sell via social media platforms and this will grow by another 600,000. The research found that 8.4 million British consumers shop via social media, with Facebook, Instagram and Snapchat being among the most popular channels.

Funding Xchange secures £8 million funding to roll out white label ‘lending in a box’ solution

Digital finance platform Funding Xchange has secured new funding of £8 million as it rolls out its white label ‘lending in a box’ service. The fintech already provides the digital decisioning technology for partners including MoneySuperMarket, Monzo and Experian, so they can offer their customers instant access to quotes for business funding. The new round of investment, led by Downing Ventures and Gresham House Ventures, supports development of the solution, which digitises key steps in the underwriting process so that banks and lenders can provide instant quotes to customers for the right products.

Funding Xchange secures £8 million funding to roll out white label ‘lending in a box’ solution

Nov 20, 2019

Digital finance platform Funding Xchange has secured new funding of £8 million as it rolls out its white label ‘lending in a box’ service. The fintech already provides the digital decisioning technology for partners including MoneySuperMarket, Monzo and Experian, so they can offer their customers instant access to quotes for business funding. The new round of investment, led by Downing Ventures and Gresham House Ventures, supports development of the solution, which digitises key steps in the underwriting process so that banks and lenders can provide instant quotes to customers for the right products.

How technology is reshaping future mobility solutions

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

How technology is reshaping future mobility solutions

Nov 18, 2019

New mobility services are as flawed as the products they are replacing because they don’t maximise the use of assets. That’s the view of Chris Kirby, the founder of innovative technology company Tomorrow’s Journey, who argues that the business model of ‘one vehicle, operated by one company, to provide one service’ is outdated. His company is pioneering technology that will power a new era for vehicle use by allowing cars to be used for multiple applications in a single day.

Fintech lender iwoca raises £150m to accelerate expansion

Innovative small business lender iwoca has raised £150m in new equity and debt capital, bringing its total funding to £350m. Its most recent fundraising included investment from Augmentum Fintech, the specialist fintech venture capital investor, NIBC Bank and Prime Ventures, along with other funders. The capital raised will be used to fund small business owners across iwoca’s markets in UK, Germany and Poland; iwoca reached profitability in 2018, while doubling its revenue in each of the last three years.

Fintech lender iwoca raises £150m to accelerate expansion

Feb 18, 2019

Innovative small business lender iwoca has raised £150m in new equity and debt capital, bringing its total funding to £350m. Its most recent fundraising included investment from Augmentum Fintech, the specialist fintech venture capital investor, NIBC Bank and Prime Ventures, along with other funders. The capital raised will be used to fund small business owners across iwoca’s markets in UK, Germany and Poland; iwoca reached profitability in 2018, while doubling its revenue in each of the last three years.

BMW hosts first European meeting for Mobility Open Blockchain Initiative

The BMW Group is hosting the first European meeting of the Mobility Open Blockchain Initiative (MOBI). The meeting, taking place in Munich, will see members of the consortium, which was co-founded by BMW, meeting with major technology companies from around the world, plus blockchain start-ups and specialists. MOBI aims to establish standards for the use of blockchain in the automotive market, which is particularly important as cars become more connected and interact with their environment and each other. Since the consortium’s creation, more than 100 companies, including 70% of the world’s car manufacturers, have joined MOBI to work on universal standards.

BMW hosts first European meeting for Mobility Open Blockchain Initiative

Feb 14, 2019

The BMW Group is hosting the first European meeting of the Mobility Open Blockchain Initiative (MOBI). The meeting, taking place in Munich, will see members of the consortium, which was co-founded by BMW, meeting with major technology companies from around the world, plus blockchain start-ups and specialists. MOBI aims to establish standards for the use of blockchain in the automotive market, which is particularly important as cars become more connected and interact with their environment and each other. Since the consortium’s creation, more than 100 companies, including 70% of the world’s car manufacturers, have joined MOBI to work on universal standards.

How BMW is delivering a new era of urban mobility solutions

Innovative mobility solutions are attracting a new generation of customers to BMW as attitudes to vehicle ownership change. BMW Group now has a customer base of 25 million for its mobility services, which range from car and ride-sharing to parking apps and electric vehicle charging. Tony Douglas, head of brand, marketing and communications for BMW Group Mobility Services, said growth was driven by global factors, such as urbanisation and the universal use of smartphones, on which many new services are based. He said: “I personally believe we are getting into the on-demand economy. You’re not selling one customer one car. You’re basically selling one car 1,000 times.” A full briefing on BMW’s investment in mobility services is available in this exclusive three-minute video, provided courtesy of global equipment and auto finance software company White Clarke Group.

How BMW is delivering a new era of urban mobility solutions

Feb 13, 2019

Innovative mobility solutions are attracting a new generation of customers to BMW as attitudes to vehicle ownership change. BMW Group now has a customer base of 25 million for its mobility services, which range from car and ride-sharing to parking apps and electric vehicle charging. Tony Douglas, head of brand, marketing and communications for BMW Group Mobility Services, said growth was driven by global factors, such as urbanisation and the universal use of smartphones, on which many new services are based. He said: “I personally believe we are getting into the on-demand economy. You’re not selling one customer one car. You’re basically selling one car 1,000 times.” A full briefing on BMW’s investment in mobility services is available in this exclusive three-minute video, provided courtesy of global equipment and auto finance software company White Clarke Group.

Experimenting with Automated Intelligence in asset finance

Finance providers should embrace the potential for intelligent software to transform their business operations by automating manual tasks and allowing employees to focus more on customer service excellence. Through an iterative process, suppliers can work with their customers to quickly develop digitalised services that could transform the way enquiries are managed, according to Morgan Owen, innovation consultant at White Clarke Group. As part of an innovation lab experiment at White Clarke Group, Owen looked at how a basic enquiry, such as settlement quote, could be answered automatically utilising natural language processing and artificial intelligence, leaving employees in a finance company to tackle more complex customer enquiries.

Experimenting with Automated Intelligence in asset finance

Jan 23, 2019

Finance providers should embrace the potential for intelligent software to transform their business operations by automating manual tasks and allowing employees to focus more on customer service excellence. Through an iterative process, suppliers can work with their customers to quickly develop digitalised services that could transform the way enquiries are managed, according to Morgan Owen, innovation consultant at White Clarke Group. As part of an innovation lab experiment at White Clarke Group, Owen looked at how a basic enquiry, such as settlement quote, could be answered automatically utilising natural language processing and artificial intelligence, leaving employees in a finance company to tackle more complex customer enquiries.

BNP Paribas Personal Finance UK partners with White Clarke Group to create new car finance offering

BNP Paribas Personal Finance UK has collaborated with global equipment and auto finance software company White Clarke Group to create a new motor finance solution. The finance company worked with specialist teams at White Clarke Group to create the new digital solution, which includes investment in enhanced IT platforms. A wide range of auto financing products will be offered through the service, including hire purchase, personal loans, stock financing, personal contract purchase and personal contract hire.

BNP Paribas Personal Finance UK partners with White Clarke Group to create new car finance offering

Jan 22, 2019

BNP Paribas Personal Finance UK has collaborated with global equipment and auto finance software company White Clarke Group to create a new motor finance solution. The finance company worked with specialist teams at White Clarke Group to create the new digital solution, which includes investment in enhanced IT platforms. A wide range of auto financing products will be offered through the service, including hire purchase, personal loans, stock financing, personal contract purchase and personal contract hire.

The future for equipment finance – pay for outcomes not assets

“Asset finance companies face a stark challenge as digital disruption changes the shape of the market.” This is the message from Jonathan Andrew, former global CEO commercial finance, Siemens Financial Services, who says changing customer expectations are reshaping the industry. In a speech before he left his role, he argued that businesses are becoming less interested in financing assets; instead, they want to pay for outcomes. For example, in industries such as healthcare there is less desire to pay for equipment such as an imaging machine. Instead, the focus is on paying for the positive results that are required from the equipment. This could include funding and supporting diagnostics, imaging, processes, people and facilities, all provided as a bundled service. Andrew said: “Somebody is taking a risk here to provide solutions, because the customer does not want to pay for the assets or the people or the diagnostics or the real estate that they’re using. They just want to pay for the outcome.” His vision of the future for equipment finance is covered in more detail in the following video, provided courtesy of global equipment and auto finance software company White Clarke Group.

The future for equipment finance – pay for outcomes not assets

Jan 16, 2019

“Asset finance companies face a stark challenge as digital disruption changes the shape of the market.” This is the message from Jonathan Andrew, former global CEO commercial finance, Siemens Financial Services, who says changing customer expectations are reshaping the industry. In a speech before he left his role, he argued that businesses are becoming less interested in financing assets; instead, they want to pay for outcomes. For example, in industries such as healthcare there is less desire to pay for equipment such as an imaging machine. Instead, the focus is on paying for the positive results that are required from the equipment. This could include funding and supporting diagnostics, imaging, processes, people and facilities, all provided as a bundled service. Andrew said: “Somebody is taking a risk here to provide solutions, because the customer does not want to pay for the assets or the people or the diagnostics or the real estate that they’re using. They just want to pay for the outcome.” His vision of the future for equipment finance is covered in more detail in the following video, provided courtesy of global equipment and auto finance software company White Clarke Group.