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  • Building for the Unknown #2: Digital Dealerships

Building for the Unknown #2: Digital Dealerships

Buildingfortheunknown Web Image V2

Introduction

In a series of articles, Alfa Project Manager Michael Mousdale discusses various issues that confront the automotive finance industry today. 

They include such concepts as digital dealerships, electric vehicles, in-car payments and connectivity, as well as subscription leasing.

In each piece, Michael looks not to solve the issues but bring them to the fore, noting the key technology requirements that must work together so we can build for the unknown.



Latest: Building for the Unknown #2: Digital Dealerships

The dealership of tomorrow has been evolving gradually into a virtual, flexible experience. This has been driven by the millennial generation, one accustomed to swift and efficient digital experiences, reaching its peak spending potential. The trend has been accelerated by the pandemic and, as a result, dealers have been forced to become more creative with their online offerings.

More and more automotive finance providers are looking to implement a technology ecosystem to support this changing demand. But doing so is about more than throwing together a self-serve application for viewing contract details; customers want support for the entire financing process, with maximum flexibility.

To meet this desire requires a robust and well connected spread of functionality, working in tandem with a seamless customer experience. Strong APIs must be able not only to price agreements and receive customer details, but also to provide customers with an intuitive and efficient experience that encourages purchasing. This requirement permeates throughout the onboarding journey: through browsing, quotation, credit and e-signing, as well as post-deal services such as delivery and an optional courtesy return of the asset. 

To ensure automotive finance organisations can adjust to meet shifting demands quickly and, ultimately, provide the most compelling and competitive offering for consumers, these APIs must themselves be supported by a highly configurable parameter set. Similarly, configurable workflow and business rules allow providers to enhance the customer experience and update controls. In both cases, configurability enables rapid change to the customer experience through a no-code solution, reducing overheads and time to market.

To capitalize on these opportunities, automotive finance companies are looking towards platforms that not only support the industry of today but also provide a set of configurable, rich building blocks to support the industry of tomorrow.

Trusted by top finance providers worldwide, the Alfa Systems cloud platform with open API lets you automate, innovate and challenge in your market. Prepare for your future - it could arrive at any time. Find out more.



Building for the Unknown #1: Electric Vehicles

The rise of electric vehicles continues at pace, and some automotive manufacturers - see General Motors, Volkswagen and Jaguar Land Rover - have pledged to phase out combustion engine vehicles.

Various countries and jurisdictions are under increasing pressure to accelerate this trend, with many implementing the extension of subsidies and grants, as well as identifying new ways to incentivize customers to buy electric vehicles.

This follows a number of other pledges to phase out fossil fuel-based vehicles, such as the United Kingdom’s ban on new fossil fuel vehicle sales by 2030 and California’s enforcement of a similar ban by 2035.

Supporting this change is about more than just the ability to list and sell electric vehicles. To ensure customers receive the appropriate benefits, providers of automotive finance need to look for enterprise solutions that support an ever-changing landscape of incentives, grants and subsidies.

Configurability is key. Being able to define where an incentive is valid, and until when, allows companies to satisfy the latest legislation. Delineating how the incentive behaves for the end customer, and how the money is recuperated from governments - as well as its taxability and accounting behavior - are equally important.

Similarly, being able to link new incentives to certain types of vehicle and automatically update offerings and pricing, all through configuration, is critical to success. This not only ensures that customers are given the most up-to-date, competitive offering as soon as possible, but also reduces the potential administrative burden of corrections to existing but eligible contracts.

To capitalize on these opportunities, automotive finance companies are looking towards platforms that not only support the industry of today but also provide a set of configurable, rich building blocks to support the industry of tomorrow.

Trusted by top finance providers worldwide, the Alfa Systems cloud platform with open API lets you automate, innovate and challenge in your market. Prepare for your future - it could arrive at any time. Find out more.


COMING SOON: #3, In-Car Payments and Connectivity