Here are some trends that could give impetus to the financing business.
Today, every bank wants to be customer-centric. But how will consumers behave in the future? And how will it be possible to acquire new customers tomorrow? Here are some trends that could boost the financing business.
Combining virtual and real stores.
32 percent of smartphone users already shop on the move, but many consumers still don't want to do without a visit to a store. Department store and electronics chains have therefore expanded their sales channels to include e-shops. For example, customers can check whether the desired product is available in the nearest store and reserve it or order it directly online. This web offering could be expanded to include individual financing offers. The interaction between e-shops and physical sales outlets is therefore also of interest to consumer credit banks and leasing companies. Smaller companies such as independent car dealerships could also benefit in the future. One example of this is the interactive shop window. Around the clock, customers can see which vehicles are currently in the dealership and can scan the QR code of the desired model with their mobile device. This takes them to a website with detailed information on equipment and price. Why not also for individual financing? Lenders and lessors should therefore keep a close eye on how the online and offline worlds are growing together - and also contribute to this themselves. There will be plenty of useful touchpoints.
Sell more with less.
According to Gartner, customers like things to be simple and intuitive, and this trend will intensify in the future. "The user interfaces of credit applications must therefore be as clear and self-explanatory as possible," says Jan Ph. Wieners from afb. This also applies to the credit products themselves. Whether technology, pricing policy or communication: only what is understandable helps the business. And: If a customer still needs help, they must receive it immediately in all channels - from a well-informed advisor in the branch, via a mobile service or the contact center. However, this is only possible if all parties involved and IT-supported service functions have access to a central, up-to-date database.
Question your own information on the Internet.
Even in the age of the social web and its recommendation culture, consumers need one thing above all: clear, reliable and comprehensive information. According to the Gesellschaft für Konsumforschung (GfK), however, many people cannot find what they are looking for on the Internet today. According to GfK, companies could win customers by regularly checking which content is sought at which touchpoints in the individual phases of the decision-making process. Of course, they would then have to ensure that this information is available at the desired points. High-reach comparison portals should also be critically examined. GfK found that these portals can damage brands "if crucial information for the purchase decision is missing from the consumer's perspective".
Focus on new middle classes.
The internationalization of the consumer credit business will continue. In China and India, huge middle classes with purchasing power are growing up who want to finance their consumption and are able to do so. In the meantime, for example, 500 million Chinese have achieved a small degree of prosperity. Gartner experts therefore advise banks to become more involved in emerging markets. However, banks can only be successful there if they understand the local characteristics and preferences. Their experience in the countries must be incorporated into international innovation processes and strategies, according to Gartner. "International lenders therefore need solutions that can be used to map international and local business processes in equal measure," says Wieners. The afb Credit Management Solution serves as an international solution, supporting many languages, currencies and country-specific regulations. With each new country, the costs for the individual locations fall - the most important advantage of centralized IT operations alongside central control.
