‘Balance’ – the Key to Making a Profit from Financial Services According to the FCA

“Creating good customer outcomes in dealers finance is the crucial route to ensuring that finance can continue to be a profit centre for dealers. Building a culture and processes around this principle both online and at POS can create good outcomes for customers and improved outcomes for dealers. Earning a return from financial services is – as the FCA chief executive noted earlier this year – about finding a balance.” Karl Werner Deputy CEO MotoNovo Finance.

The continuing income potential available from finance was outlined by Financial Conduct Authority (FCA) Chief Executive Andrew Bailey on the Inside FCA podcast1 published earlier this year when he noted; “It sometimes gets put to us as a regulator, ‘you don’t want to see firms make any profit’, and I say, no, that’s ridiculous, because frankly, we wouldn’t have a financial services landscape [without it];” he added; “We have to have firms that earn returns and earn what their shareholders expect, but it has to be balanced, it’s always a balance.”

Bailey’s comments resonate with MotoNovo Deputy CEO Karl Werner who observes; “At MotoNovo we view the balance that Andrew Bailey referred to as a ‘Triple Win’ – an outcome that works for the customer, dealer and MotoNovo. We have built a distinctive portfolio of products and services to help dealers to embrace the Triple Win and start creating good outcomes for one and all; it starts with the potential car buyer and a transparent lending solution.”

It is a process that Werner is clear has to start online and can, to a significant degree, finish online. With digital tools such as findandfundmycar.com and Self-Serve, he is confident that dealers can delight their customers and ‘earn while they sleep’ by helping customers choose dealer finance 24×7.