by Georgine Muntz
I love this time of year in auto finance. Business is booming, conferences are in full force. Spring is in the air and fertile minds are being freshly planted with new ideas.
My thoughts are swirling from the recent Consumer Bankers Association’s CBA LIVE 2016.
What Smart Lenders and Dealers Should Do
The theme of this year’s CBA LIVE was innovation, innovation, innovation. And the importance of innovation and technology in delivering the services needed to satisfy the Millennials or Generation Y. Right up defi SOLUTION’s alley! I was honored to give a presentation and to be on the receiving end, too. I heard from some fantastic speakers that while many lenders and banks are diving in and riding the wave of change, more need to get busy and stop picking daisies. Heather Cox with Citi made a particularly compelling case for big banks to work on agility, flexibility, and collaboration with technology innovators outside of their own organizations.
Top 10 Tips for Relevant Lenders
All this talk of innovation and generations has me fixating on what the smartest lenders and dealers are going to need to do to remain relevant going forward. I came up with a few ideas I thought I’d share.
- Automate. Get rid of paper processes wherever possible.
- Digitize and mobilize. Organize your entire leadership team behind a digital mobile strategy.
- Collaborate. Seek the best solution, whether from inside or outside of your organization.
- Excise excuses. Don’t hide behind fears of compliance and technology. Start changing now.
- The future is now. Alternate currencies and virtual reality are current realities so we should prepare for changes in our markets.
Dealers in particular:
- Embrace the Gen Y way. No hassles. No pressure. You want to sell more than they want to buy.
- Be smarter. Make it all happen in a flash and on a smart device.
- Modify ownership models. Multi-ownership, car sharing. Think Zipcar or spot use of cars on lots.
- Virtualize experiences. Create virtual shopping, virtual car design, and virtual test drive experiences.
- Create brand loyalty. From purchase to service, make yours an experience buyers must have.
I’m often accused of being in a hurry, or thinking about ten paces ahead of the pack, but I believe inevitable change is arriving like a spring thunderstorm. Whether you’re ready for it or not, you’re going to have to deal with it.
My heart, my work, my life is all tied up in the vehicle finance industry, its people, products, opportunity, and I see myself and my energies as a catalyst for firming up a technology foundation that is going to serve these next generations well into the future. Lender or dealer, if you want to win big or even remain in the lending game for the long run, it’s time to spring into action.
Doing nothing isn’t an option.
Georgine Muntz, COO of defi SOLUTIONS, spoke at the recent, seventh-annual CBA LIVE 2016. To review her “Driven to Digitize” address, click here.
For more information on future events, be sure to check out the defi SOLUTIONS Events Calendar.
defi SOLUTIONS provides configurable loan origination systems, loan management and servicing, analytics and reporting, and a wide range of technology-enabled BPO services. If you’re struggling with the limitations of your current lending technology solutions, take the first step in realizing the benefits of modern technology. Contact our team today or register for a demo.