Executive Summary:
Auto lenders that are slow to deliver the digital experiences that customers seek open the door to direct-to-consumer financing competitors, peer-to-peer lending, and shared leasing and car subscription services. Yet traditional auto lenders have a formidable advantage for the moment: They still control more than 90% of auto finance transactions, according to BCG. To stay competitive, they need to offer greater choice, convenience and personalization in both how customers receive bills and related communications and how they make payments for their loans and leases. By doing so, auto lenders can build stronger relationships that lead to repeat business and referrals—while streamlining business operations and compliance for this broader universe of communications and payments channels.
