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|MotoNovo Launches ‘Self-Serve’, a totally new concept in dealer finance|
|Monday, 14 December 2015|
In what is yet another industry first, rapidly expanding MotoNovo Finance is set to launch a genuine first for dealer finance with its all new self-serve concept. In dealer showrooms, customers will be able to complete their own online finance proposal and benefit from an all-new level of transparency.
‘Self-Serve’ is the brainchild of MotoNovo CEO Mark Standish who observes: “The way we all access financial services is undergoing a massive change. This is clear from the growth of mobile banking as people embrace the convenience and control that technology can now facilitate. In dealer finance, we cannot ignore this trend.
“In the 1970s the petrol station experience typically involved a petrol pump attendant. Today, many consumers, it seems, find the idea of someone filling their car to be very odd; they value the capacity to control their own re-fuelling. The same trend is now developing for banking. People are used to filling out on-line forms, they value the control. Going further, from a data security perspective, many do not want to disclose the increasing level of personal data now required in a loan application in a showroom. We are making that possible.”
In the showroom, the dealer will continue to input the vehicle and its price details, which will create a code that enables the customer to continue their loan application on a tablet or PC. The customer can still expect to get a speedy decision with acceptance levels in line with traditional dealer finance. Competitive interest rates are agreed at the outset with the dealer who is then rewarded courtesy of an innovative new merchandising payment, itself linked to the effectiveness of the dealership as a distribution point for finance.
Having developed the Self-Serve concept, a new IT platform has been created to MotoNovo’s specification by developers iVendi following a competitive tendering process. It is a step designed by MotoNovo to enable other lenders to use the software and help embed this new model in the market. “Looking forward we want other finance providers to join us on this journey,” notes Standish.
Self-Serve is ready for a full roll out to interested dealers. It will be available to dealers who are both authorised by the Financial Conduct Authority and those who are not directly authorised, with strict controls for the latter on the level of dealer engagement in the financing process.
In closing Standish notes; “Financial services is facing up to a brave new world, in dealer finance we cannot ignore the experience that consumers want is changing rapidly. Once again, we are proud to be leading the market with a positive step that test dealers are telling us seems to be spot on!”
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